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Business News/ News / India/  Centre mops up 1.86 trillion in net direct tax in Q1
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Centre mops up ₹1.86 trillion in net direct tax in Q1

Out of the ₹1.86 trillion collected so far this year, corporation tax receipts stood at ₹74,356 crore after refunds and the personal income tax stood at ₹1.1 lakh crore after refund
  • Gross direct tax collections before adjusting for tax refunds stood at ₹2,16,602 crore
  • The advance tax collections for the first quarter of the FY22 stand at ₹28,780 crorePremium
    The advance tax collections for the first quarter of the FY22 stand at 28,780 crore

    The Income tax department collected 1.86 trillion in net taxes so far this fiscal, more than double the net direct tax receipts received in the same period a year ago. The improvement in tax revenue receipts indicates that the second wave of the pandemic has had a less severe impact on the economy and the exchequer than the first.

    The tax department had collected 92,762 crore in the April-June period a year ago, the ministry said quoting figures available up to 15 June.

    Out of the 1.86 trillion collected so far this year, corporation tax receipts stood at 74,356 crore after refunds and the personal income tax including security transaction tax (STT) stood at 1.1 lakh crore after refund, said an official statement.

    The country witnessed a severe rise in coronavirus infections in the first quarter of this fiscal but the movement restrictions imposed by states were less stringent than last year. Businesses remit their first quarter advance tax in June based on their profit estimates for the year. Better first quarter direct tax receipts indicate better business confidence now than last year.

    Gross direct tax collections before adjusting for tax refunds stood at 2,16,602 crore so far this fiscal, compared to 1,37,825 crore, the ministry said. The tax department has issued refund of 30,731 crore so far this year.

    Despite extremely challenging initial months of the new fiscal, the advance tax collections for the first quarter of the FY22 stand at 28,780 crore against 11,714 crore for the corresponding period of the preceding year, showing a growth of approximately 146%, the ministry said.

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    Published: 16 Jun 2021, 11:01 PM IST
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