Data | Centre's tax revenues grew despite stringent lockdown on the back of excise duties
The Hindu
Shift in tax burden comes at a time when pandemic has led to many job losses and reduced income levels
In FY21, despite a stringent lockdown and a raging COVID-19 first wave, the gross tax revenue collected by the Centre increased over FY20. However, the increase was made possible by a sharp rise in contributions from union excise duties. This compensated for the sharp drop in the share of corporate tax collection. The shift in tax burden from the corporates to the masses has come at a time when the pandemic has led to many job losses and reduced income levels thereby pushing more people into poverty. Despite a national lockdown, the gross tax revenue grew in FY21 compared to FY20. About 20.24 lakh crore was collected in FY21.
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