Business
FY22 tax collection exceeds budgetary estimate, rises to over Rs 27 lakh cr

Accelerated economic recovery along with enhanced compliance pushed India’s FY22 tax collection to Rs 27.07 lakh crore, almost Rs 5 lakh crore above the Union budget’s estimate of Rs 22.17 lakh crore.
Accordingly, the current tax collection grew by 34 per cent over last year’s revenue collection of Rs 20.27 lakh crore, led by a growth of 49 per cent in direct taxes and supported by a 20 per cent growth in indirect taxes.
“This revenue growth has been propelled by rapid economic recovery after successive waves of Covid, supported by one of the largest immunisation programme of the world run by the government,” the Ministry of Finance said.
“It also signifies a robust recovery in the economy. This was also supplemented with better compliance efforts in taxation. Various efforts were taken by tax administration on direct as well indirect taxes to nudge higher compliance through use of technology and artificial intelligence.”
Besides, FY22 marked the highest tax-GDP ratio of 11.7 per cent, with direct tax to GDP ratio at 6.1 per cent and indirect tax to GDP ratio at 5.6 per cent.
“The tax buoyancy (which is a measure of growth in tax revenues as compared to GDP growth) is at a very healthy figure of 1.9, with 2.8 for direct taxes and 1.1 for indirect taxes. The ratio of direct to indirect taxes recovered from 0.9 in 2020-21 back to 1.1 in 2021-22.”
As per the ministry, the gross corporate taxes during 2021-22 was Rs 8.6 lakh crore against Rs 6.5 lakh crore last year, which shows that the new simplified tax regime with low rates and no exemptions has lived up to its promise. Furthermore, the ministry said that during the year, the income tax department gave refunds of Rs 2.24 lakh core.
“During last two years, the effort has been to clear backlog of refunds to infuse liquidity into the hands of businesses.”
“During the year, 2.4 crore refunds were issued that included 2.01 crore related to the year 2021-22, for which the returns were filed till 31st March 2021.”
Additionally, this has been possible due to faster processing of returns.
“During 2021-22, 22.4 per cent returns were processed on the same day and around 75 per cent returns were processed in less than a month time. The average processing time for returns during 2021-22 was 26 days. During the year, 7.14 crore returns were filed as compared to 6.97 crore last year.”
According to the ministry, on the indirect tax front, GST saw “an exemplary growth during 2021-22 despite two waves of Covid-19 pandemic”.
“CGST revenues increased from Rs 4.6 lakh crore last year to Rs 5.9 lakh crore in 2021-22. The average monthly gross GST revenue in 2021-22 was Rs 1.23 lakh crore as compared to Rs 94,734 in 2020-21 and Rs 1.01 lakh crore in 2019-20.”
“This again signifies a robust rebound in the economy. This has been complemented due to various measures taken to improve compliance. This shows that the GST ecosystem has appreciated the invoice-based discipline in GST, which not only benefits GST revenues but also contributes to overall formalization in the economy.”
Additionally, the ministry said that the level of economic recovery can also be seen from the value of e-way bills generated every month, which has improved from Rs 16.9 lakh crore in January 2021 to Rs 25.7 lakh crore in March 2022.
In addition, during 2021-22, Customs duty has witnessed a growth rate of 48 per cent.
“During the last two years, the government has undertaken comprehensive review and rationalisation of the Customs tariff structure through extensive consultations and crowd sourcing and has rationalised various exemptions and simplified the tariff structure.”
“It is expected that the trend of recovery in the economy and tax revenues of the government will continue to grow.”
Business
Tata Motors Unveils Limited-Edition Safari STEALTH to Mark 27 Years of Legacy

Tata Motors is celebrating 27 years of the Safari with the launch of the exclusive STEALTH Edition, a limited-run variant designed for those who seek style and performance. Available in both the Harrier and Safari models, only 2,700 units of this edition will be produced. The Harrier STEALTH is priced at Rs 25.09 lakh (ex-showroom, Delhi), while the Safari STEALTH starts at Rs 25.74 lakh (ex-showroom, Delhi) and is offered in both 6- and 7-seater configurations. With a striking design, premium features, and advanced technology, the STEALTH Edition adds a new level of exclusivity to Tata’s SUV lineup.
The Tata STEALTH Edition brings a bold, monotone design that reflects the growing demand for exclusive and distinctive vehicles. With limited units available, this special edition is set to attract enthusiasts looking for a unique SUV. Bookings for the STEALTH Edition opened on February 21, both online and at Tata dealerships across India, giving customers the chance to own a rare and stylish addition to Tata’s lineup.
The Harrier and Safari STEALTH Edition stand out with their bold design and advanced features, built on the sturdy OMEGARC platform derived from Land Rover’s D8 architecture. The exclusive Matte Black finish, R19 Black Alloy Wheels, and a distinctive STEALTH mascot give these SUVs a powerful road presence. Inside, the cabin is designed for comfort with ventilated first- and second-row seats (Safari only for the second row), a Carbon-Noir interior theme, and a voice-assisted dual-zone climate control system.
Technology is a highlight, featuring a 31.24 cm Harman touchscreen, Arcade App Store, Alexa Home 2 Car, Map My India navigation, and a 10-speaker JBL audio system with Harman AudioworX. Power comes from a 2.0L KRYOTEC BS6 Phase 2 turbocharged engine producing 170PS, paired with a 6-speed automatic transmission. Safety is a priority, with Level 2+ ADAS offering 21 functions, including a segment-first Intelligent Speed Assist, along with 7 airbags and ESP with 17 safety features.
Unveiling this exciting new version of the Harrier and Safari, Vivek Srivatsa, Chief Commercial Officer, Tata Passenger Electric Mobility Ltd., stated, “Tata Motors has been a leader in the Indian SUV segment, with innovation at its core. The Tata Safari, which introduced the concept of a lifestyle SUV to India, reflects this legacy of pioneering excellence. Over 27 remarkable years, the Safari has constantly evolved, and the launch of the STEALTH Edition is a tribute to this journey. This special edition is an exclusive offering, with only 2,700 units available in the striking STEALTH Matte Black finish. More than just an SUV, the STEALTH Edition is a symbol of prestige, adventure, and capability, making it a highly desirable collector’s item for enthusiasts and connoisseurs. Owning a STEALTH Edition isn’t just about having an extraordinary vehicle—it’s about claiming a piece of automotive history that many will aspire to have in their collection.”
Business
Maruti Suzuki’s New Mid-Term Plan Aims To Make India An Export Hub, Launch More EVs

New Delhi: The Suzuki Motor Corporation of Japan, the parent company of Maruti Suzuki India, on Thursday announced a new mid-term plan with a “rethink” in its strategy as “the business environment has changed due to declining market share in India” and the growing electrical vehicles segment.
In its new mid-term plan for 2025-30, the company has identified India as its “most important market”. Maruti Suzuki aims to create a manufacturing capacity of producing 4 million cars annually to reclaim a 50 per cent market share in India and use the country as a global export hub as well.
The auto major plans to expand its EV lineup starting with the e-Vitara, and is aiming to launch four new EV models by FY30 in a segment where its rivals like Tata Motors and Mahindra & Mahindra already have a varied EV portfolio in India.
“In India, we will promote further localisation in line with the growth of the electric vehicle market,” the company said.
Maruti Suzuki is currently exporting three lakh vehicles from India annually. By the end of this decade, it is targeting the export of 7.5-8 lakh units per year.
While the company noted it achieved revenue and profit targets ahead of schedule by improving sales mix and quality, its sales volume target could not be met.
It noted that the “competitive environment is becoming increasingly severe, and the quality of product functions, equipment and services required by customers is increasing”.
It aims to be India’s no.1 carmaker in terms of production, local sales and exports of electric cars. A total of six electric vehicles will be introduced by FY30, including four electric cars and two commercial vehicles.
Suzuki Motor plans to invest 1,200 billion yen (about Rs 7,000 crore) as capital expenditure towards production, new models, carbon neutrality and quality measures. A new plant in Haryana’s Kharkhoda and an assembly line in Suzuki Motor Gujarat will come onstream by 2030 for a total installed capacity of four million units.
Business
‘Made in India’ iPhone 6e not SE variant but a next-gen entry point for consumers

New Delhi, Feb 20: In a further push to the local manufacturing, the entire iPhone 16 lineup, including the newly-launched iPhone 16e, is now being assembled in India for domestic market as well as for exports, as industry experts on Thursday cleared the air around the new device being compared to now-retired iPhone SE.
The new Apple device, with A18 chip, breakthrough battery life, Apple Intelligence, and a 48MP 2-in-1 camera system, is being manufactured/assembled for local consumption as well as for export to select countries.
According to experts, iPhone 16e is not iPhone SE4 and the whole “comparison is futile”.
When iPhone SE was launched, it was another masterstroke at that time. However, times have changed since then.
“Essentially, Apple retired the SE lineup and extended the iPhone 16 lineup with a new entry point. iPhone SE was no longer adding any value to consumers, developers or Apple,” said Neil Shah, Partner and Co-Founder at Counterpoint Research.
The iPhone SE which was positioned as a “Special Edition,” which brought nostalgia of older and smaller design, was priced around $400.
However, the iPhone SE lost its value and popularity, which used to be once 16 per cent of the total iPhone sales volumes, dropped to 1 per cent last year.
According to Shah, consumers now prefer better cameras, bigger displays and faster processors.
“With all this background, what Apple did was to extend the 16 series with a newer ‘base version’ of iPhone 16 and now retired SE,” Shah explained.
According to industry experts, the company has done well with streamlining the series, reducing fragmentation in design and experience and able to charge $599 (US)/Rs 59,999 (India) with the newest entry point for the best Apple experiences.
-
Crime3 years ago
Class 10 student jumps to death in Jaipur
-
Maharashtra5 months ago
Mumbai Local Train Update: Central Railway’s New Timetable Comes Into Effect; Check Full List Of Revised Timings & Stations
-
Maharashtra4 months ago
Mumbai To Go Toll-Free Tonight! Maharashtra Govt Announces Complete Toll Waiver For Light Motor Vehicles At All 5 Entry Points Of City
-
Maharashtra5 months ago
False photo of Imtiaz Jaleel’s rally, exposing the fooling conspiracy
-
National News5 months ago
Ministry of Railways rolls out Special Drive 4.0 with focus on digitisation, cleanliness, inclusiveness and grievance redressal
-
Crime4 months ago
Baba Siddique Murder: Mumbai Police Unable To Get Lawrence Bishnoi Custody Due To Home Ministry Order, Says Report
-
Maharashtra3 months ago
Maharashtra Elections 2024: Mumbai Metro & BEST Services Extended Till Midnight On Voting Day
-
National News5 months ago
J&K: 4 Jawans Killed, 28 Injured After Bus Carrying BSF Personnel For Poll Duty Falls Into Gorge In Budgam; Terrifying Visuals Surface