Net Direct Tax collections increases over 74% in FY21-22; Gross Direct Tax register a growth of 47%: Centre

The cumulative Advance Tax collections for the first and second quarter of the FY 2021-22 stand at Rs2,53,353cr as on Sep 22, 2021, against Advance Tax collections of Rs1,62,037cr for the corresponding period of the immediately preceding Financial Year i.e 2020-21, showing a growth of 56%(approximately).

Sep 27, 2021 09:09 IST India Infoline News Service

According to the Ministry of Finance data released on Friday, the figures of Direct Tax collections for the Financial Year 2021-22, as of Sep 22, 2021 show that net collections are at Rs5,70,568cr as compared to Rs3,27,174cr in the corresponding period of the preceding Financial Year i.e FY 2020-21, representing an increase of 74.4%. The net collection (as of 22.09.2021) in FY 2021-22 has registered a growth of 27% over FY 2019-20 when the net collection was Rs4,48,976cr.

The Net Direct Tax collection of Rs5,70,568cr as on Sep  22, 2021 include Corporation Tax (CIT) at Rs3,02,975cr (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs2,67,593cr (net of refund).

The Gross Collection of Direct Taxes (before adjusting for refunds) for the FY 2021-22 stands at Rs6,45,679cr as compared to Rs4,39,242cr in the corresponding period of the preceding financial year, registering a growth of 47% over collections of FY 2020-21.

The Gross collection (as on 22.09.2021) in FY 2021-22 has registered a growth of 16.75% over FY 2019-20 when the Gross collection was Rs5,53,063cr.

The Gross collection of Rs6,45,679cr includes Corporation Tax (CIT) at Rs3,58,806cr and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs2,86,873cr. Minor head wise collection comprises Advance Tax of Rs2,53,353cr; Tax Deducted at Source of Rs3,19,239cr; Self-Assessment Tax of Rs41,739cr; Regular Assessment Tax of Rs25,558cr; Dividend Distribution Tax of Rs4,406cr and Tax under other minor heads of Rs1383cr.

Despite extremely challenging initial months of the fiscal year 2021-22, the Advance Tax collection in the second quarter (1st July 2021 to 22nd September 2021) of FY 2021-22 is Rs1,72,071cr which shows a growth of 51.50% over the corresponding period in FY 2020-21 when the Advance Tax collection was Rs1,13,571cr.

The cumulative Advance Tax collections for the first and second quarter of the FY 2021-22 stand at Rs2,53,353cr as on Sep 22, 2021, against Advance Tax collections of Rs1,62,037cr for the corresponding period of the immediately preceding Financial Year i.e 2020-21, showing a growth of 56%(approximately).

Further, the cumulative Advance tax collection of Rs2,53,353 crore as on 22.09.2021 (FY 2021-22) shows a growth of 14.62% over the corresponding period in FY 2019-20 when the Advance Tax collection(cumulative) was Rs. 2,21,036 crore. The Advance Tax collection of Rs. 2,53,353 crore as on 22.09.2021 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.

Refunds amounting to Rs. 75,111 crore have also been issued in FY 2021-22 so far.

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