India's tax collections soared to a record high of Rs 27.07 lakh crore in the fiscal year ended March 31 as mop-up from income and other direct taxes as well as indirect taxes jumped, Revenue Secretary Tarun Bajaj said on Friday.

Gross tax collection of Rs 27.07 lakh crore during April 2021 to March 2022 compares with budget estimate of Rs 22.17 lakh crore, he told reporters here. The Centre’s gross tax receipts (GTR) grew by a steep 34% on year in 2021-22, beating the revised estimate (RE) put out in the Budget for 2022-23 by Rs 1.91 trillion or 7.6%.

Direct taxes, which comprise income tax paid by individuals and corporate tax, came in at Rs 14.10 lakh crore -- Rs 3.02 lakh crore higher than the budget estimate. Indirect taxes like excise duty stood Rs 1.88 lakh crore higher than the budget estimate. Against the budget estimate of Rs 11.02 lakh crore, indirect tax mop-up was Rs 12.90 lakh crore, he said.
Source- Business standard / Financial Express