New Delhi: Increased tax collection in the first quarter of this fiscal shows that the economy is on the recovery path, the Minister of State for the Chaudhary Pankaj Finance said on Tuesday.
Clean direct tax collection in the April-June quarter is more than Rs 2.46 lakh Crore, such as opposing more than Rs 1.17 lakh crore during the previous fiscal period.
“The reason for increasing collections includes the rise of economic activity and positive sentiment among taxpayers during the current financial year, which leads to an increase in estimated income and payment of higher advance tax in the first quarter of 2021-22 compared to the appropriate period.
FY 2020- 21, “he said in a written reply to Rajya Sabha.
Collection of indirect tax revenues (GST and non-GST) in the first quarter of TA 2021-22 is RS 3.11 Lakh Crore, he said.
“Increasing tax collection (direct & indirect) as reported in the first quarter of the current financial year compared to the same period the previous financial year showed that the economy was on the recovery path.
Higher tax collection will enable the government to increase public expenditure, which will Have a positive impact on GDP, “Chaudhary added.