Ministry of Finance Revenue Deficit Grant of Rs. 7183.42 crore released to 14 States States get a total Revenue Deficit Grant of Rs. 86,201 crore in 2022-23 Posted On: 08 APR 2022 12:35PM by PIB Delhi The Department of Expenditure, Ministry of Finance has on Thursday released the 1st monthly instalment of Post Devolution Revenue Deficit…...
Over 520 lakh subscribers under various Schemes of National Pension System as of March 2022 , showing year-on-year increase of more than 22%
Ministry of Finance Over 520 lakh subscribers under various Schemes of National Pension System as of March 2022 , showing year-on-year increase of more than 22% Total pension assets stood at Rs 7.36 lakh crore under management of Atal Pension Yojana (APY), showing year-on-year growth of more than 27% Posted On: 08 APR 2022 1:43PM…...
Tax Revenues in 2021-22 exceed the Union Budget estimates by ₹5 lakh crore Posted On: 08 APR 2022 3:55PM by PIB Delhi The tax revenue in the Union Budget for 2021-22 was estimated at ₹22.17 lakh crore against the revised estimates of ₹19 lakh crore, with a growth of 17%. The Union Budget was presented on 1st February, 2021 when the 1st COVID wave had tapered off in India but the world was facing successive waves. Against the Union Budget estimates of ₹22.17 lakh crore, the revenue collections as per the pre-actual figures is ₹27.07 lakh crore, almost ₹5 lakh crore above the budget estimates. This is a growth of 34% over last years revenue collection of ₹ 20.27 lakh crore, led by growth of 49% in direct taxes and supported by 20% growth in indirect taxes. This revenue growth has been propelled by rapid economic recovery after successive waves of COVID, supported by one of the largest immunization programme of the world run by the Government. It also signifies a robust recovery in the economy. These was also supplemented with better compliance efforts in taxation. Various efforts were taken by tax administration on direct as well indirect taxes to nudge higher compliance through use of technology and artificial intelligence. 2021-22 marks the highest tax-GDP ratio of 11.7%, with direct tax to GDP ratio at 6.1% and indirect tax to GDP ratio at 5.6%. The tax buoyancy (which is a measure of growth in tax revenues as compared to GDP growth) is at a very healthy figure of 1.9, with 2.8 for direct taxes and 1.1 for indirect taxes. The ratio of direct to indirect taxes recovered from 0.9 in 2020-21 back to 1.1 in 2021-22. The gross corporate taxes during 2021-22 was ₹8.6 lakh crore against ₹6.5 lakh crore last year, which shows that the new simplified tax regime with low rates and no exemptions has lived upto its promise. During the year, Income tax department gave refunds of ₹2.24 lakh core. During last two years, the effort has been to clear backlog of refunds to infuse liquidity into the hands of businesses. During the year, 2.4 crore refunds were issued that included 2.01 crore related to the year 2021-22, for which the returns were filed till 31st March 2021. This has been possible due to faster processing of returns. During 2021-22, 22.4% returns were processed on the same day and around 75% returns were processed in less than a month time. The average processing time for returns during 2021-22 was 26 days. During the year, 7.14 crore returns were filed as compared to 6.97 crore last year. On the indirect taxes, GST has seen an exemplary growth during 2021-22 despite two waves of COVID-19 pandemic. CGST revenues increased from ₹4.6 lakh crore last year to ₹5.9 lakh crore in 2021-22. The average monthly gross GST revenue in 2021-22 was ₹1.23 lakh crore as compared to ₹94,734 in 2020-21 and ₹1.01 lakh crore in 2019-20. This again signifies a robust rebound in the economy. This has been complemented due to various measures taken to improve compliance. The GSTR-3B filing (percentage of returns of previous month filed till end of the month) improved from 74% in September 2020 to 87% in February 2022. The GSTR-1 filing has significantly improved from 54% in September 2020 to 82% in February 2022. This also shows that the gap between GSTR-3B filing and GSTR-1 filing has completely narrowed down to the level of elimination. This shows that the GST ecosystem has appreciated the invoice-based discipline in GST, which not only benefits GST revenues but also contributes to overall formalization in the economy. The level of economic recovery can also be seen from the value of e-way bills generated every month, which has improved from ₹16.9 lakh crore in January 2021 to ₹25.7 lakh crore in March 2022. During 2021-22, Customs duty has witnessed a growth rate of 48%. During last two years, Government has undertaken comprehensive review and rationalization of the Customs tariff structure through extensive consultations and crowd sourcing and has rationalized various exemptions and simplified the tariff structure. It is expected that the trend of recovery in the economy and tax revenues of the Government will continue to grow. **** RM/MV/KMN (Release ID: 1814822) Visitor Counter : 1130 Read this release in: Telugu , Urdu , Hindi
Ministry of Finance Tax Revenues in 2021-22 exceed the Union Budget estimates by ₹5 lakh crore Posted On: 08 APR 2022 3:55PM by PIB Delhi The tax revenue in the Union Budget for 2021-22 was estimated at ₹22.17 lakh crore against the revised estimates of ₹19 lakh crore, with a growth of 17%. The Union…...
Cabinet approves signing of Bilateral Memorandum of Understanding (MoU) between Securities and Exchange Board of India and Financial Regulatory Commission, Mongolia
Ministry of Finance Cabinet approves signing of Bilateral Memorandum of Understanding (MoU) between Securities and Exchange Board of India and Financial Regulatory Commission, Mongolia Posted On: 08 APR 2022 3:56PM by PIB Delhi The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today has approved the proposal for signing a bilateral Memorandum of…...
Auction for Sale (Issue/Re-issue) of (i) ‘4.56 % GS 2023’, (ii) ‘New GS 2029’, (iii) ‘6.54% GS 2032’ and (iv) ‘6.95% GS 2061’
Ministry of Finance Auction for Sale (Issue/Re-issue) of (i) ‘4.56 % GS 2023’, (ii) ‘New GS 2029’, (iii) ‘6.54% GS 2032’ and (iv) ‘6.95% GS 2061’ Posted On: 08 APR 2022 7:44PM by PIB Delhi The Government of India (GoI) has announced the Sale (Issue/re-issue) of (i) ‘4.56% GS 2023’ for a notified amount of Rs 4,000…...
Shri Piyush Goyal has called upon the Indian community in Australia to celebrate the International Day of Yoga on 21st June at 75 iconic locations in Australia to mark the 75th Anniversary of India’s Independence
Ministry of Commerce & Industry Shri Piyush Goyal has called upon the Indian community in Australia to celebrate the International Day of Yoga on 21st June at 75 iconic locations in Australia to mark the 75th Anniversary of India’s Independence For the first time Australia has committed to provide work opportunity to the students with…...
Ten States get additional Rs. 28,204 crore for undertaking power sector reforms
Ministry of Finance Ten States get additional Rs. 28,204 crore for undertaking power sector reforms Incentive of Rs 1,22,551 crore available to States in 2022-23 for reforms in power sector Posted On: 07 APR 2022 3:38PM by PIB Delhi Department of Expenditure, Ministry of Finance, has granted additional borrowing permission of Rs. 28,204 crore to…...
Education will act as a bridge between India and Australia, says Shri Piyush Goyal
Ministry of Commerce & Industry Education will act as a bridge between India and Australia, says Shri Piyush Goyal Game changing research done in Australia coupled with India’s manufacturing at scale will serve the world: Shri Goyal Business will be the framework on which all other engagements between the two sides will prosper, says Shri…...
More than Rs 30,160 crore loans sanctioned to over 1,33,995 accounts under Stand-Up India Scheme in 6 years
More than Rs 30,160 crore loans sanctioned to over 1,33,995 accounts under Stand-Up India Scheme in 6 years “As more and more beneficiaries from underserved segments of entrepreneurs are targeted for coverage, we would make significant strides towards building an Atmanirbhar Bharat”: Finance Minister As we celebrate the sixth anniversary of Stand Up India Scheme,…...
Shri Piyush Goyal begins 3-day visit to Australia, days after inking India-Australia Economic Cooperation and Trade Agreement (ECTA)
Shri Piyush Goyal begins 3-day visit to Australia, days after inking India-Australia Economic Cooperation and Trade Agreement (ECTA) During the visit, I will take the ECTA to people - Shri Goyal To take ECTA forward, Shri Goyal to hold talks with his Australian counterpart, Mr. Dan Tehan MP, and Mr. Tony Abbott, Australian PM’s Special…...