Quick Summary
The tax revenue in the Union Budget for 2021-22 was estimated at ₹22.17 lakh crore against the revised estimates of ₹19 lakh crore, with a growth of 17%. The Union Budget was presented on 1stFebruary, 2021 when the 1stCOVID wave had tapered off in India but the world was facing successive waves.
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FAQ :
Tax revenues in 2021-22 exceeded the Union Budget estimates by approximately £5 lakh crore.
Tax revenue in 2021-22 saw a growth of 34% compared to the previous year's collections.
The higher tax revenues were driven by a rapid economic recovery after COVID-19 waves, a large-scale immunization programme, and improved tax compliance efforts using technology.
The tax-to-GDP ratio in 2021-22 was 11.7%, with direct taxes at 6.1% and indirect taxes at 5.6%.
Direct taxes grew by 49%, and indirect taxes grew by 20% in 2021-22.
GST revenues saw exemplary growth, with average monthly gross GST revenue increasing significantly compared to the previous year.
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