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  • Home » News » Economy » Govt borrowing in FY22 touches 58% of the budgeted amount

Govt borrowing in FY22 touches 58% of the budgeted amount

Direct tax collection rose 74% to ₹ 5.70 lakh crore in the same period

  • Money9
  • Publish Date - September 25, 2021 / 06:17 PM IST
Govt borrowing in FY22 touches 58% of the budgeted amount
The department tweeted, "CBDT issues refunds of more than Rs 1,23,667 crore to more than 1.11 crore taxpayers from 1st April 2021 to 22nd November 2021". 

The government borrowing so far this financial year has touched 58% of the budgeted amount, with the selling of ₹ 7.02 lakh crore debt in the market. On the other hand, the Centre has collected 74.4% more direct taxes in the same period. According to the revenue department, the net personal income tax and corporate tax collection increased 74 % to ₹ 5.70 lakh crore so far in this fiscal, The Hindu reported. It has been mainly aided by advance tax and TDS payments.

Direct tax collection

During the period between April 1 and September 22, the direct tax collection after deducting refunds from gross collection, stood at ₹ 5,70,568 crore, a 74.4 %  growth over ₹ 3.27 lakh crore collected in the same period last fiscal, a CBDT statement said. It is 27 % more than the ₹ 4.48 lakh crore in FY20 — or the pre-pandemic period.

Indirect tax collection

The indirect tax collection by way of GST has also been encouraging. The Goods and Services Tax (GST) collection has been consistently above a ₹ 1 lakh crore in every month.

Also, record duties from petroleum products at ₹ 94,181 crore in the first quarter on the back of a record tax on fuel that yielded 88% higher revenue than the previous financial year.

On the borrowing front, ₹ 7.02 lakh crore is  is 8 % less than what it had mopped up this time last fiscal when it was ₹ 7.66 lakh crore, and ₹ 12,652 crore less than the notified amount of the auctions so far.

Stated differently, the debt raised so far in FY22 is 58 % of the total budgeted borrowing limit of ₹ 12.05 lakh crore for the fiscal year and 52 % if the GST compensation to the states amounting to ₹ 1.58 lakh crore is added to the borrowing limit for the year, the Hindu reported quoting Care Ratings.

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