Gross tax collections soared to a record high of Rs 27.07 trillion in the fiscal year ended March 31.

Revenue secretary Tarun Bajaj cautioned that the present fiscal was unlikely to see a rate of growth in collections similar to that in FY22.

“Expecting a similar growth in the next year (FY23) would not be giving you the correct picture,” Bajaj told reporters.

He said the effect on the economy because of the Ukraine conflict was worrisome but would depend on a number of factors such as commodity prices and its effect on the supply chain”

While the growth in tax collections in FY2022 was aided by a favourable base effect, data released by Bajaj at the briefing showed the central government collected Rs 27.07 trillion as tax revenue in FY2022 according to tentative estimates — 7.6 per cent higher than the revised estimate of Rs 25.16 trillion, which was presented in the 2022 Budget on February 1.

Compared with FY2021, 33.5 per cent more tax was collected in FY2022.

The tax-to-GDP ratio jumped to 11.7 per cent — the highest since 1999. In 2020-21 fiscal, the ratio stood at 10.3 per cent.

Direct taxes, which comprise income tax paid by individuals and corporate tax, came in at Rs 14.10 trillion, a growth of 49 per cent over last fiscal, which Bajaj said was perhaps the highest growth rate in a “long time”.