Tax revenue collection in FY23 expected to be far better than budget estimate: Revenue Secretary

Revenue Secretary Tarun Bajaj on Thursday said tax revenue collections in ongoing fiscal year are expected to be far better than the budget estimates.

Last fiscal year, indirect taxes grew at 20 per cent and direct taxes at 49 per cent. The tax-to-GDP ratio in 2021-22 jumped to 11.7 per cent — the highest since 1999. In 2020-21, the ratio was 10.3 per cent.

The country’s tax collections soared to a record high of Rs 27.07 lakh crore last year, compared to budget estimate of Rs 22.17 lakh crore.