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Centre collected Rs 7 lakh crore as net taxes in April-June, up 24% from last year

The Budget for FY23 had pegged the Centre's net tax collections for the current financial year at Rs 19.35 lakh crore.

July 25, 2022 / 05:01 PM IST

The Centre's net tax collections in the first quarter of FY23 were nearly Rs 7 lakh crore, 24 percent higher than last year, as per data given by the government in response to a question in the Lok Sabha on July 25.

In April-June, Rs 3.44 lakh crore was in the form of net indirect tax collections, showing an increase of 9 percent on a year-on-year basis.

Net direct tax collections in the quarter amounted to Rs 3.55 lakh crore, which was sharply higher by 41 percent.

"Various factors like rapid economic recovery post covid, better compliances due to various measures taken by the government have contributed to this increase," Pankaj Chaudhary, Minister of State for Finance, said in his answer.

Data on the Centre's finances for June, including tax collections, is scheduled to be released at the end of this month.

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As per the latest data from the Controller General of Accounts, the Centre's net tax collections in April-May were Rs 3.08 lakh crore.

The Budget for FY23 had pegged the Centre's net tax collections for the current financial year at Rs 19.35 lakh crore, which would represent a 6 percent increase from what was collected in FY22. As such, the Centre is well on its way to meeting the target for the current financial year and perhaps even exceeding it.

After the Budget was presented on February 1, economists had said the government's estimates for tax collections, among others, were very conservative. Finance secretary TV Somanathan had defended the budget estimates, saying they were realistic and that whenever there was any doubt over any number, the government had put on paper what it thought was likely.
Moneycontrol News
first published: Jul 25, 2022 05:01 pm
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