Tax Revenue Collection in FY 22

Current Context: Tax revenue collection in FY22 exceeded the budget estimate by almost INR 5 lakh crore.

• The total Tax revenue collected is INR27.17 lakh crore against the budget estimate of INR 22.17 lakh crore. This is a growth of 34% over last year’s tax revenue (which was 20.27 lakh crore).
• Direct tax grew by 49% and indirect tax by 20%.
• Tax-GDP ratio was the highest at 11.7%.
• Gross Corporate tax collection – INR 8.6 lakh crore.
• CGST revenue – INR 5.9 lakh crore.
• Customs Duty witnessed a growth of 48%.

Question:

Q.1 What was the tax-GDP ratio for the year FY 22?
a. 9.7%
b. 11.7%
c. 12.7%
d. 13.7%