Trust-Based Taxation System Driving Improved Collections: Finance Minister

Finance minister Nirmala Sitharaman said that the trust-based taxation system introduced by the government has resulted in improved collections.

Finance minister Nirmala Sitharaman on Sunday said that the trust-based taxation system introduced by the government has resulted in improved collections and an increase in the number of return filings.

In her message on the 163rd Income Tax Day, the finance minister complimented the department for achieving the highest-ever revenue collection of over Rs 14 lakh crore in the last fiscal and expressed hope that the momentum would continue in the current fiscal too.

Direct tax collections surged to Rs 14.09 lakh crore in 2021-22, registering a year-on-year growth of 49.02 per cent on the back of strong growth in mop-up from individual and corporation tax.

For the current fiscal, the government has projected the direct tax collection at Rs 14.20 lakh crore.