Various measures taken by Government contribute to increase in tax collection
Various factors like rapid economic recovery post COVID, better compliances due to various measures taken by Government have contributed to increase in tax collection. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Lok Sabha today.
Giving more details, the Minister stated the details of collection of Central taxes during the F.Y. 2021-22 as compared to F.Y. 2020-21 is as under:
|Gross Tax Revenue* (Rs. in Crore)|
*Source: Provisional Accounts
The details of tax collection under Service Sector and Manufacturing Sector are as under:-
(Rs. in Crore)
|Financial Year||Manufacturer||Service Provider|
^ The value of collection/revenue derived from challan data based on payment date.
|Direct Tax #|
|Assessment Year||Manufacturer||Service Sector|
# Source: DGIT (Systems), CBDT – based on information disclosed in Schedule ‘Nature of Business’
The Minister stated that among other steps, the following has been done towards becoming a five trillion dollar economy and beyond: –
The Minister stated that the measures taken in the past will also help the country become a five trillion dollar economy. These include, the Minister stated, introduction of Goods and Services Tax (GST), Insolvency and Bankruptcy Code (IBC), reduction in Corporate Tax Rate, Rationalization of Labour Laws, among others, which have also improved Ease of Doing Business.