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Gross direct tax mop-up in H1 jumps 47%

CBDT said that despite the extremely challenging initial months of the fiscal year FY22, advance tax collection in the September quarter stood at Rs. 1.72 trillionPremium
CBDT said that despite the extremely challenging initial months of the fiscal year FY22, advance tax collection in the September quarter stood at Rs. 1.72 trillion

  • Gross direct tax receipts in the same time a year ago was at 4.39 trillion, CBDT said. Net direct tax receipts after accounting for refunds in the first half of this fiscal stood at 5.7 trillion as on Wednesday compared to 3.27 trillion in the same time a year ago, showing a 74.4% jump

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New Delhi: Gross direct tax receipts in the fiscal first half surged 47% from a year earlier to 6.46 trillion aided by a low base and a continued revival in economic activity from covid-induced disruptions.

Gross direct tax receipts totalled 4.39 trillion in the same period last year, the Central Board of Direct Taxes (CBDT) said in a statement.

Net direct tax receipts after accounting for refunds during the first half ending 30 September jumped 74.4% to 5.7 trillion as on Wednesday from 3.27 trillion a year earlier.

Also, net direct tax receipts so far this fiscal have improved 27% over the first half of FY20, which was a pre-pandemic year.

Net corporate tax collections in the first six months of this fiscal year stood at 3.02 trillion, while net personal income tax totalled 2.67 trillion, including security transaction tax receipts.

The CBDT said that despite the extremely challenging initial months of this fiscal, advance tax collections in the September quarter grew 51.5% from a year earlier to 1.72 trillion. Advance tax collections in the fiscal first half rose about 56% to 2.53 trillion.

On indirect taxes, GST collections have already shown a recovery from the initial months of this fiscal when mobility restrictions affected revenue receipts.

The Centre and state governments made GST collections of 1.12 trillion in August.

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