BackNet direct tax collections grow over 74% to ₹5.70 lakh cr so far this fiscal
The net collection as on 22 September in FY 2021-22 has registered a growth of 27% over FY 2019-20 when the net collection was Rs. 4,48,976 crore
PremiumDirect tax collections for the current financial year till 22 September rose to ₹5,70,568 crore, registering an increase of 74.4% from the corresponding period of the preceding financial year when the collection was ₹3,27,174 crore, the Ministry of Finance said on Friday.
The net collection as on 22 September in FY 2021-22 has registered a growth of 27% over FY 2019-20 when the net collection was Rs. 4,48,976 crore, the ministry said.
The net direct tax collection of Rs. 5,70,568 crore include Corporation Tax (CIT) at Rs. 3,02,975 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs. 2,67,593 crore (net of refund).
The gross collection of direct taxes (before adjusting for refunds) for the FY 2021-22 stands at Rs. 6,45,679 crore compared to Rs. 4,39,242 crore in the corresponding period of the preceding financial year, registering a growth of 47% over collections of FY 2020-21.
The gross collection in FY 2021-22 has registered a growth of 16.75% over FY 2019-20 when the Gross collection was Rs. 5,53,063 crore.
The gross collection of Rs. 6,45,679 crore includes Corporation Tax (CIT) at Rs. 3,58,806 crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs. 2,86,873 crore.
Minor head wise collection comprises advance tax of Rs. 2,53,353 crore; Tax Deducted at Source of Rs. 3,19,239 crore; Self-Assessment Tax of Rs. 41,739 crore; Regular Assessment Tax of Rs. 25,558 crore; Dividend Distribution Tax of Rs. 4,406 crore and Tax under other minor heads of Rs. 1383 crore.
Despite extremely challenging initial months of the fiscal year 2021-22, the advance tax collection in the second quarter of FY 2021-22 is ₹1,72,071 crore which shows a growth of 51.50% over the corresponding period in FY 2020-21 when the collection was Rs. 1,13,571 crore.
The cumulative advance tax collections for the first and second quarter of the current financial year stand at Rs. 2,53,353 crore, against collections of Rs. 1,62,037 crore for the corresponding period of the immediately preceding Financial Year i.e 2020-21, showing a growth of 56%(approximately).
Further, the cumulative collection of Rs. 2,53,353 crore shows a growth of 14.62% over the corresponding period in FY 2019-20 when the collection (cumulative) was Rs. 2,21,036 crore.
The collection of Rs. 2,53,353 crore comprises Corporation Tax (CIT) at Rs. 1,96,964 crore and Personal Income Tax (PIT) at Rs. 56,389 crore. This amount is expected to increase as further information is awaited from Banks, the ministry added.
Refunds amounting to Rs. 75,111 crore have also been issued in the FY 2021-22 so far.
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