Govt targets net tax revenue of Rs 22.17 lakh cr in FY'22

  • Income tax
  • financeseva
  • newsupdate

The government projected a 16.67 percent development in gross tax revenue in the following financial starting April 1, at over Rs 22.17 lakh crore.  The revised estimates of gross tax revenue for the current financial year has been fixed at Rs 19 lakh crore, lower than the Rs 24.23 lakh crore planned before. 

Financial Affairs Secretary Tarun Bajaj said "our income figure is under-stated not overstated. We have taken ostensible GDP at 14.4 percent and income development at 16.7 percent. So the lightness is just 1.16. We are confident we will get more than this.  

In the 2021-22 financial year, while the corporate tax assortment is relied upon to become 22.65 percent at Rs 5.47 lakh crore, an individual annual tax is assessed to grow 22 percent to Rs 5.61 lakh crore.  

Customs assortment is projected to become 21.43 percent to Rs 1.36 lakh crore in the following monetary. In the current financial year, traditions assortment according to updated gauge remained at Rs 1.12 lakh crore. 

Extract duty income has been fixed at Rs 3.35 lakh crore in 2021-22 financial, lower than Rs 3.61 lakh crore assessed this financial year.  Focus' GST incomes, including remuneration cess, is fixed at Rs 6.30 lakh crore in the financial starting April 1. It was Rs 5.15 lakh crore in the current financial year.