Direct tax revenue has increased by 95 percent so far in the 2021-22 financial year compared to the previous year. As of September 2, the central government received Rs 3.7 lakh crore indirect tax revenue. At the same time, it was Rs 1.9 lakh crore during the same period last year.
In the wake of Covid, the imposition of a national lockdown and the disruption of business activities have been cited as the reasons for the decline in direct tax revenue last year. However, there has been an increase this year over the direct tax revenue that Kovid had before. This is an increase of 31 percent over the 31st August 31st of the current financial year.
Achieving the direct tax revenue target of Rs 11.08 lakh crore for the current financial year requires growth of 17 percent over the previous financial year. Revenue from April 1 to September 2 was only 33 percent of the target of Rs 11.08 lakh crore for the current fiscal. This direct tax revenue can only be earned if it remains strong in the coming months. Revenue rose in the second half of last fiscal.