Net tax revenues increased by 5 in 21 years to HRK 14.24 million: FM Nirmala Sitharaman


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The government’s net tax revenues rose 5 per cent in the fiscal year ended March 31, 2021, Finance Minister Nirmala Sitharaman said on Monday. Net tax revenue (sum of direct and indirect taxes) in the period 2020-21. It was higher than HRK 14.24 million, an increase of almost 5 percent compared to HRK 13.56 million in the previous financial year.

In a written response to Lok Sabha, Sitharaman said the government has taken many steps to increase direct and indirect tax revenue collection, combat tax evasion, broaden / deepen the tax base, promote voluntary compliance, reduce litigation and promote digital transactions.

However, the collection of non-tax revenues fell by 36 percent to 2.08 million kroons in the period 2020-21 from over 3.27 million kroons in the period 2019-20.

The government’s net income (tax + non-tax) in the last financial year fell by 3.09 percent to HRK 16.32 million.

In response to a separate question, State Finance Minister Pankaj Chaudhary said that the total collection of taxes and surcharges on the basis of indirect taxes (GST + non-GST) increased by 53 percent to over 4.39 million in 2020-21 compared to the previous years.

In the period 2018-19. I 2017-18. The collection of taxes on the basis of indirect taxes amounted to 2.67 lakh kroner, or 2.17 lakh kroner.

“The state’s share of central taxes and duties is determined after deducting concessions and surtaxes in addition to the cost of collecting the corresponding tax,” Chaudhary said.

He went on to say that the cessions are part of India’s consolidated fund and are used for the purpose for which they are charged, which in many cases includes grants to civil servants.

Citing an example, Chaudhary said that the entire GST fee is charged for the purpose of compensating states for loss of revenue due to the introduction of the GST.

Similarly, 100 percent of Prarambhik Shiksha Kosh and a significant portion of the Central Road and Infrastructure Fund, Pradhan Mantri Swasthya Suraksha Nidhi and Madhyamik and Uchchtar Shiksha Kosh are awarded to states as grants for appropriate purposes, he added.

Also read: FM FM West Bengal Amit Mitra writes Nirmali Sitharaman, calls to stop privatization of insurance company

Also read: The government has no information on active cryptocurrency exchanges or users, says FM Nirmala Sitharaman

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