The foundation of the economy is strong, revenue collection and exports continue to grow.
The strong foundation of the economy has started showing results. Despite the second wave of Covid-19, revenue collection is increasing. In the first two and a half months of the current financial year 2021-22, the collection of direct tax has increased by 100.4 percent as compared to the same period of the previous financial year. The exports for the first 14 days of June increased by 46.43 percent over the same period last year and 34 percent in the year 2019 over the same period. The consumption of electricity and petrol and diesel also started increasing in June as soon as the unlock process started.
Direct tax collection of Rs 1,85,871 crore from 1st to 15th June was Rs 92,762 crore in the corresponding period of last financial year. In the current financial year, including the amount of Rs 30,731 crore refunded, the direct tax collection stood at Rs 2,16,602 crore.
According to the data of the Finance Ministry, Rs 28,780 crore was received as advance tax in the first quarter of the current financial year as compared to Rs 11,714 crore in the first quarter of the last financial year. In April this year, the GST collection stood at Rs 1.41 lakh crore, which is the highest ever.
Exports were $14.06 billion in the first 14 days of June, up from $9.6 billion in the same period last year and $10.47 billion in the same period of 2019. In the first fortnight of June, the sale of petrol has increased by 13 percent and diesel by 12 percent as compared to the same period last year.
In the first fortnight of June, 55.86 billion units of electricity were consumed, an increase of 9.3 percent over the same period last year.