Record Tax Collection In 2021-22: When the country’s industrialists were going through a crisis last year due to the second wave of the Corona epidemic, businesses were closed. People were forced to stay at home. Despite this, during the tenure of the Modi government at the Center, there has been a record jump in tax collection in 2021-22. The tax collection in the year 2021-22 has been Rs 27.07 lakh crore, leaving behind the budget estimates of Rs 22.17 lakh crore. Which is Rs 5 lakh crore more than the target.
Tax collection increased in the era of Corona
The government’s tax collection has increased at a time when common people were troubled by the corona epidemic. People’s expenditure on treatment in the hospital increased. Had to face pay cut. Due to the lockdown, the factories were closed due to which people lost their jobs. So this question must have been arising in the minds of the people that people had to face so much difficulty in the last year. Sectors like aviation, travel-tourism could not open, hotel restaurants first second wave then omicron Even if it was closed due to variants, how did the record tax collection happen in spite of this.
Income from tax increased from profits of corporate world
In fact, the corporate world produced excellent results in 2021-22, saw a tremendous increase in the profits of the companies, due to which record corporate tax collection was seen. The stock market also saw great growth. Investors made a lot of money on investment. So the government itself says that this success has been achieved due to better compliance in both direct and indirect taxes by the tax department through the use of technology and artificial intelligence. It is clear that the efforts of the tax department have succeeded in preventing tax evasion and bringing such people under the ambit of tax.
Petrol diesel became a means of earning
There has been a spurt in the collection of indirect taxes, which include GST and excise duty. So the big reason is the excise duty charged by the petrol government on petrol and diesel. Before 4 November 2021, the Modi government used to charge Rs 32.90 per liter excise duty on petrol and Rs 31.80 per liter on diesel. At present, the excise duty on petrol has been reduced to Rs 27.90 and on diesel to Rs 21.80, but through this the government’s earnings have increased immensely. In 2020-21, the government had achieved revenue of Rs 4.55 lakh crore through excise duty cess on petrol and diesel.
The income of the government increased the inflation of the people!
In fact, when the prices of crude oil have come down in the international market, the Modi government has filled the treasury by increasing the excise duty. But when people did not get the benefit of reduction in crude oil price in the form of cheap petrol and diesel. And when crude oil became expensive, then the government oil companies did no hesitation in increasing the price of petrol and diesel. As a result, common people are facing costly petrol and diesel. Due to the cost of diesel, freight is getting expensive, due to which the people have been hit by inflation. But the government has earned a lot through taxes on these petroleum products.
No subsidy on LPG on increased income from tax!
In 2021-22, the government’s income from tax collection has increased, but last year the government had banned the subsidy on LPG cylinders, due to which people had to pay more for LPG cylinders. In 2021-22, the government’s petroleum subsidy bill is estimated to come down from Rs 14,073.35 crore to 6516.92 crore because the government did not subsidize cooking gas. Whereas in 2020-21, the petroleum subsidy bill was Rs 39054.79 crore. In 2022-23, the government will spend only Rs 5813 crore on petroleum subsidy in the budget, which includes LPG and kerosene oil, 11 percent less than last year.