
Budget 2023: Net tax collection sees spike in past 2 years
The gross tax collection stands at ₹13.63 lakh crore as of 17 December 2022 as against ₹10.83 lakh crore in the previous year.
The gross tax collection stands at ₹13.63 lakh crore as of 17 December 2022 as against ₹10.83 lakh crore in the previous year.
The net direct tax collection grew 19.81% year-on-year to ₹11,35,754 crore during the ongoing financial year.
The direct tax collection, net of refunds, was up 16.3% at ₹7.45 lakh crore, compared to the corresponding period last year.
The net direct tax collection as on March 16 stands at ₹13,63,038 crore, up 48.4% from ₹9,18,430.5 crore in the corresponding period of the previous financial year.
Expected growth in corporate tax collections during FY22 indicates a strong economic revival in spite of Covid-19.
Should not resort to self-defeating measures that hurt revenue in short and long run such as high tax on individuals but low tax on corporates.
The tax measures outlined in the Budget 2021 had the stated objective of providing greater clarity and making India’s tax regime transparent and efficient.
The Budget 2021 comes at a pivotal moment for Indian economy. Now the big question is, will it be truly transformational in giving India the big growth trajectory it desperately needs? If yes, how?