The total tax revenue (after refund but before decentralization) to governments in the first quarter of fiscal year 22 was Rs 5.31 lakh crore, an increase of 97% from Rs 2.7 lakh crore in the first quarter fiscal year 21 affected by Covid and 33% more than tax revenue Rs lakh crore in the first quarter of fiscal year 20. Revenue Minister
Tarun Bajaj said on Wednesday that business performance Better and better formalization of the economy would generate reasonable tax revenues and help improve the tax-to-GDP ratio in the current financial year.
The Total tax-to-GDP ratio decreased from 11% in FY19 to 9.9% in FY20, then improved to 10.2% in FY21 (due to GDP decline) and projected is expected to grow to 10.8% in FY 22. “We will see Bajaj said in a speech to the Confederation of Indian Industries (CII). 4,444 Total Tax Revenue (later) at refund but before decentralization) to governments in the first quarter of the fiscal year, 22 was Rs 5.31 lakh crore, up 97% from 2.7 crores in the first quarter of fiscal year21 affected by Covid and over 33% over tax revenue of Rs 4 lakh crore in the first quarter of fiscal year 20.
Despite the Covid19 pandemic, monthly TPS collections have reached Rs 1 lakh crore in the past ten months (except May). “By using technology we can collect more taxes. But, in my department, I still feel like I’m playing cat and mouse where I’m always chasing those mice, and I don’t think that’s the solution ,the solution should be systematic. Bajaj told industry executives.
Aware of the impact of the high rate of the GST on the auto industry, the official said the GST Council could consider ways to reduce the tax rate, removing specific items from the list of tax exemptions and correcting the reverse tax structure.
When I look for private sector investment, “I don’t see a lot of private investment,” Bajaj added. For sustainable and long-term economic prosperity, we need you to show up and invest, produce and service, and tell us what you need from us.
Tax Bill (Amendment 2021) was passed by Parliament last week and attempts to amend Income Tax Act to remove tax requirements imposed by India on 17 companies, including Vodafone and Cairn Energy, for earnings from transactions before May 28, 2012. The measure was taken to reassure investors by emphasizing that India has a stable fiscal framework.
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