New Delhi: The Union government has collected an unprecedented amount of Rs 27.07 lakh crore in the last financial year. The BJP government has always been serious about tax collection. The GST collection, which was affected by the Corona hurricane, is surpassing the UK target of Rs 1 lakh crore. However, there are persistent allegations that the states are delaying the distribution of their dues. Further, controversies arose as to whether the above tax collection had been spent on another use.
In this case, the tax collection for the last financial year has grown tremendously, with Corona claiming that curfew revenue has been affected. Total tax revenue increased by 34 per cent over the previous financial year. Commenting on the tax revenue received by the Union Government in the last financial year, Revenue Secretary Tarun Bajaj said yesterday: The total tax revenue collected by the Union Government in the last financial year 2021-22 was Rs 27.07 lakh crore. This is an unprecedented collection. The tax collection has surpassed the last budget estimate of Rs 22.17 lakh crore.
This includes direct and indirect tax revenue. Rs 14.10 lakh crore was collected in direct taxes from individuals and companies. This is Rs 3.02 lakh crore more than the budget estimate. Similarly, indirect tax revenue, including excise duty, stood at Rs 12.90 lakh crore. This is Rs 1.88 lakh crore more than the budget estimate of Rs 11.02 lakh crore. Compared to the previous financial year, direct tax revenue was 49 per cent and indirect tax revenue was 20 per cent higher. Tax collection was 10.3 per cent of GDP in the 2020-21 financial year, rising to 11.7 per cent in the previous financial year.
This is a higher level than in 1999. That is a record collection after 23 years. Moreover, this tax collection is a sign that the economy is growing. In addition, tax collection has increased due to measures taken to detect tax evasion. Numerous technologies are currently being used to compare income tax filing and GST account filing. As a result, tax filing has increased and so has revenue. This is also a major reason for the increase in direct and indirect tax revenue. I am confident that the same situation will continue in the coming financial years.
As far as direct tax collection is concerned, Rs 8.58 lakh crore has been collected from companies. This is an increase of 56.1 per cent over the previous financial year. 7.49 lakh crore as income tax collection from individuals. This is an increase of 43% over the previous financial year. In the last financial year, Rs 2.24 lakh crore was disbursed as income tax refund to 2.43 crore companies.
As for indirect taxes, the customs duty was Rs 1.99 lakh crore. This is a growth of 48 percent. The central GST has increased by 30 per cent to Rs 6.95 lakh crore. At the same time, excise duty was down 0.2 per cent to Rs 3.9 lakh crore in the previous fiscal. Tax evasion was rampant in the GST. They were cheating by getting input tax credit through fake bills. GST tax collection has risen significantly as frauds have been prevented due to measures taken against it.
For the current fiscal 2022-23, direct tax collection is expected to be Rs 14.2 lakh crore, of which corporate taxes are expected to be Rs 7.2 lakh crore and personal income tax Rs 7 lakh crore. Similarly, indirect taxes will be Rs 13.3 lakh crore. This includes customs duty of Rs 2.13 lakh crore, excise duty of Rs 3.35 lakh crore and central GST and cess of Rs 7.8 lakh crore. The war between Ukraine and Russia has caused economic damage. However, this will depend on the price and distribution of the goods. Thus said Tarun Bajaj.