Good news: India's direct tax collection breaks records, reaches a high of Rs 14 lakh crore

There is good news for the Indian economy. This time India's net direct tax collection has broken all the previous records. Giving information, the CBDT chief said that in the financial year 2021-22, the net direct tax collection touched an all-time high of ₹ 14.09 lakh crore i.e. an increase of 49.02 percent. JB Mohapatra said that the record growth indirect tax collection is a sign of a return to the economy after the corona epidemic. Mohapatra at the end of a conference said that the net direct tax collection for 2021-22 (taking into account I-T refunds) is 2.5 lakh crore more than the ₹11.37 lakh crore achieved in 2018-19.

There has also been a tremendous increase in the gross direct tax collection.

JB Mohapatra said the gross direct tax collection for 2021-22 touched an all-time high of ₹16.34 lakh crore, showing a growth of over 32.75% over the previous fiscal.

 Over 7.14 crore I-T returns filed

 JB Mohapatra said that over 7.14 crore I-T returns were filed for 2021-22 on the e-filing portal, while over 6.97 crores were filed for 2020-21.

For the first time, direct tax collection outstripped indirect tax collection

Mohapatra said that for the first time, the direct tax collection has outpaced the indirect tax collection, which is 52 percent of the total tax collection. He said the target is to increase it to 60 percent in the next few years and increase the tax-GDP ratio to 15 percent from the current 12 percent in the next 15 years.

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