Tax to GDP ratio records highest in 2 decades
Team Ambitiousbaba are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “Tax to GDP ratio records highest in 2 decades”
Indian Revenue secretary Tarun Bajaj announced officially that India has collected its record collections of tax which surged to a record high of Rs 27.07 lakh crore in the fiscal year ended March 31. India mopped-up from income and other direct taxes as well as indirect taxes which jumped its highest level.
Higher than estimation:
Gross tax collection of Rs 27.07 lakh crore during April 2021 to March 2022 is much higher than estimated amount in budget which was Rs 22.17 lakh crore.
Direct taxes (includes income tax by individual and corporate tax) stood at Rs 14.10 lakh crore which is a higher than the budget estimate of Rs 3.02 lakh crore.
Indirect taxes such as excise duty soared up by Rs 1.88 lakh crore. The budget estimation of Rs 11.02 lakh crore was lowered than the collection of indirect tax at Rs 12.90 lakh crore.
Detailed amount of Direct tax and Indirect tax:
The collection of Direct tax for the 2022-23 fiscal which started on April 1, has been gained at Rs 14.20 lakh crore.
In which Rs 7.20 lakh crore was collected from corporate taxes and Rs 7 lakh crore from personal income tax.
Indirect tax collection has been figured at Rs 13.30 lakh crore. It comprises Rs 2.13 lakh crore from customs, Rs 3.35 lakh crore from excise collection and Rs 7.80 lakh crore from CGST and cess.
There is a record growth has been seen in Direct taxes at 49 per cent and 30 per cent growth in indirect tax compared with last financial year.
What is Tax-to-GDP ratio?
It is a standard of measurement of tax revenue of a country towards the size of its economy as calculated by GDP.
The tax-to-GDP ratio climbed up to 11.7% in FY22 from 10.3 per cent in FY21. This year’s Tax-to-GDP ratio is the highest since 1999.
Question & Answer:
Q1. What is the collection of tax of this fiscal year?
Ans. Rs 27.07 lakh crore (estimated Rs. Rs 22.17 lakh crore)
Q2. How much percent growth has seen in direct taxes and indirect taxes respectively?
Ans. Direct taxes- 49 per cent growth, Indirect taxes- 30 per cent growth
Q3. At what percent Tax-to-GDP ratio reached?
Ans. 11.7% (highest in two decades)
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