Finance Ministry says economy is growing after Covid pandemic; 49% growth in direct tax and 20% in indirect tax

New Delhi: Union Finance Ministry has said that the country’s economy is showing resilience after the Covid pandemic and the tax collection has been robust in the last fiscal year resulting in growth in direct and indirect taxes. Finance Ministry has said, 49 per cent growth has been registered in direct tax collection and 20 per cent in indirect tax collection during the financial year 2021-22.

Briefing media in New Delhi on Friday, Revenue Secretary in Finance Ministry, Tarun Bajaj said, growth has been registered in the collection of Corporation Tax, Direct Tax and Indirect Tax. 

Mr. Bajaj said, last fiscal year marks the highest tax-GDP ratio of 11.7 per cent. He said, against the Union Budget 2021-22 estimates of 22 lakh 17 thousand crore rupees, the revenue collections as per the pre-actual figures is over 27 lakh crore rupees.

The Finance Ministry said, GST has witnessed exemplary growth during the last financial year despite pandemic. The average monthly gross GST revenue in 2021-22 was one lakh 23 thousand crore rupees as compared to 94 thousand 734 crore rupees in 2020-21.