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Tax revenue in the financial year ended March 31, 2022, rose to Rs 27.07 lakh crore, which is nearly Rs 5 lakh crore more than the budgetary estimate of Rs 22.17 lakh crore for the year, Union Finance Ministry said on Friday.The tax revenue during 2021-22 is 34 per cent higher than Rs 20.27 lakh crore recorded in 2020-21. The tax revenue collection is led by 49 per cent jump in revenue from direct taxes. Collection from indirect taxes grew by 20 per cent year-on-year.This revenue growth has been propelled by rapid economic recovery after successive waves of COVID, supported by one of the largest immunisation programme of the world run by the Government, Revenue Secretary Tarun Bajaj said at a media briefing here.It also signifies a robust recovery in the economy. These were also supplemented with better compliance efforts in taxation. Various efforts were taken by tax administration on direct as well indirect taxes to nudge higher compliance through use of technology and artificial intelligence, he said.2021-22 marks the highest tax-GDP ratio of 11.7 per cent, with direct tax to GDP ratio at 6.1 per cent and indirect tax to GDP ratio at 5.6 per cent.The tax buoyancy (which is a measure of growth in tax revenues as compared to GDP growth) is at a very healthy figure of 1.9, with 2.8 for direct taxes and 1.1 for indirect taxes. The ratio of direct to indirect taxes recovered from 0.9 in 2020-21 back to 1.1 in 2021-22.The gross corporate taxes during 2021-22 was Rs 8.6 lakh crore against Rs 6.5 lakh crore in the previous year, which shows that the new simplified tax regime with low rates and no exemptions has lived upto its promise.During the year, Income tax department gave refunds of Rs 2.24 lakh core. During last two years, the effort has been to clear backlog of refunds to infuse liquidity into the hands of businesses. During the year, 2.4 crore refunds were issued that included 2.01 crore related to the year 2021-22, for which the returns were filed till 31st March 2021.This has been possible due to faster processing of returns. During 2021-22, 22.4 per cent returns were processed on the same day and around 75 per cent returns were processed in less than a month time. The average processing time for returns during 2021-22 was 26 days. During the year, 7.14 crore returns were filed as compared to 6.97 crore last year.On the indirect taxes, GST has seen an exemplary growth during 2021-22 despite two waves of COVID-19 pandemic. CGST revenues increased from Rs 4.6 lakh crore in 2020-21 to Rs 5.9 lakh crore in 2021-22. The average monthly gross GST revenue in 2021-22 was Rs 1.23 lakh crore as compared to Rs 94,734 in 2020-21 and Rs 1.01 lakh crore in 2019-20.This signifies a robust rebound in the economy. This has been complemented due to various measures taken to improve compliance. The GSTR-3B filing (percentage of returns of the previous month filed till the end of the month) improved from 74 per cent in September 2020 to 87 per cent in February 2022.The GSTR-1 filing has significantly improved from 54 per cent in September 2020 to 82 per cent in February 2022. This also shows that the gap between GSTR-3B filing and GSTR-1 filing has completely narrowed down to the level of elimination. This shows that the GST ecosystem has appreciated the invoice-based discipline in GST, which not only benefits GST revenues but also contributes to overall formalisation in the economy, Finance Ministry said in a statement.The level of economic recovery can also be seen from the value of e-way bills generated every month, which has improved from Rs 16.9 lakh crore in January 2021 to Rs 25.7 lakh crore in March 2022.During 2021-22, Customs duty has witnessed a growth rate of 48 per cent. During the last two years, the Government has undertaken comprehensive review and rationalisation of the Customs tariff structure through extensive consultations and crowd sourcing and has rationalized various exemptions and simplified the tariff structure."It is expected that the trend of recovery in the economy and tax revenues of the Government will continue to grow," the ministry said.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Tax revenue in the financial year ended March 31, 2022, rose to Rs 27.07 lakh crore, which is nearly Rs 5 lakh crore more than the budgetary estimate of Rs 22.17 lakh crore for the year, Union Finance Ministry said on Friday. ...