The Center has earned a revenue of Tk 26.08 lakh crore
Well above the revised estimates before the end of the year. Of this, Rs 3.91 lakh crore came from excise duty on oil and other products.
Tarun Bajaj, revenue secretary at the finance ministry, did not want to assure whether the Modi government would cut oil tariffs to curb rising petrol and diesel prices. On the contrary, he warned that the amount of tax collection which has increased in the fiscal year ending March 31, will not increase as much in the new fiscal year (2022-23).
According to the Ministry of Finance today, in the just-concluded 2021-22, the revenue of the Center has been 26.06 lakh crore. At the beginning of the year, it was more than the estimate of 22.06 lakh crore. Well above the revised estimates before the end of the year. Of this, Rs 3.91 lakh crore came from excise duty on oil and other products. The Center has raised more than Rs 1.6 lakh crore from indirect taxes like excise duty, import-export duty.
Opponents are equally questioning why the Center is not reducing the price of oil by reducing the tariff to address the people when it is raising so much money from the excise duty on petrol and diesel.
Bajaj argues, “It is true that a lot has been collected in the farewell year from excise duty. However, in my opinion, the new fiscal year will push the revenue in this sector. ” He also pointed out the need to cut import duty to reduce the price of edible oil. Will the government not reduce the tariff by showing this argument? The secretary did not want to answer this question. According to the Centre’s statistics, the revenue of Kovid in the year 2020-21 was much lower. Compared to that low base, it has increased by 33.5% in the last financial year. In the new financial year, the budget has calculated that the annual income from taxes will be 26.56 lakh crore. Last year, the income is almost close to it. 14.10 lakh crore came from income tax and corporate tax.
3.02 lakh crore more than the target.