India’s net direct tax collections amounted to ₹14,09,640.83 crore for FY22, which is the highest collection ever, signalling that the Indian economy has bounced back after two years of the pandemic.
Details –
- As against ₹14.09 lakh crore this year, our collection in 2020-21 was only ₹9.45 lakh crore. In a single year, we moved upward by nearly ₹4.5 lakh crore, registering a growth of 49%.
- The collection is the best-ever as far as income tax and corporation tax are concerned.
- The direct tax-to-GDP ratio is around 12% and the CBDT was working to raise the ratio to 15-20% in 5-10 years.
- The direct tax collection this year has surpassed the indirect tax collection which was other way round till last year. Direct tax collections is now 52% and the CBDT aims to look at 60% of tax contribution coming from direct taxes in some years.
About CBDT –
- It is a statutory body established as per the Central Board of Revenue Act, 1963.
- It is India’s official financial action task force unit.
- It is administered by the Department of Revenue under the Ministry of Finance.
- It deals with the levying and collection of direct taxes. It also has auditing and investigative powers.
- The members of the CBDT are drawn from the Indian Revenue Services.
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