Direct tax collection increased till September 22 in the current financial year ₹5,70,568 crore, registering a growth of 74.4% over the corresponding period of the previous financial year when the collection was ₹3,27,174 crore, the Finance Ministry said on Friday.
The net collections in the FY 2021-22 as on 22nd September have registered a growth of 27% as compared to the FY 2019-20, when the net collections stood at Rs. 4,48,976 crore, the ministry said.
Net Direct Tax Collection Rs. Rs 5,70,568 crore includes Corporation Tax (CIT). 3,02,975 crore (net of refund) and personal income tax (PIT) including Security Transaction Tax (STT) of Rs. 2,67,593 crore (net of refund).
The gross collection of direct taxes (before adjustment for refund) for the financial year 2021-22 is Rs. 6,45,679 crore as compared to Rs. 4,39,242 crore in the corresponding period of the previous financial year, registering a growth of 47% in the collection for the financial year 2020-21.
Gross collection in FY 2021-22 has registered a growth of 16.75% as compared to FY 2019-20 when Gross collection is Rs. 5,53,063 crore.
Gross collection of Rs. 6,45,679 crore includes Corporation Tax (CIT). 3,58,806 crore and Personal Income Tax (PIT) including Security Transaction Tax (STT). 2,86,873 crore.
The marginal head wise collection includes advance tax of Rs. 2,53,353 crore; Tax deducted at source at Rs. 3,19,239 crore; Self Assessment Tax Rs. 41,739 crore; By making regular assessment of Rs. 25,558 crore; Dividend distribution tax of Rs. 4,406 crore and taxes under other minor heads. 1383 crores.
Despite extremely challenging initial months of FY 2021-22, advance tax collection in Q2 of FY 2021-22 is ₹1,72,071 crore which shows a growth of 51.50% over the corresponding period in the financial year 2020-21 when the collections stood at Rs. 1,13,571 crores.
The cumulative advance tax collection for the first and second quarter of the current financial year stood at Rs. 2,53,353 crore, against the collection of Rs. 1,62,037 crore for the corresponding period of the immediate preceding financial year i.e. 2020-21, showing an increase of 56% (approximately).
In addition, the cumulative collection of Rs. 2,53,353 crore in FY 2019-20 showing a growth of 14.62% as compared to the corresponding period when the collection (cumulative) was Rs. 2,21,036 crores.
Collection of Rs. Rs 2,53,353 crore includes Corporation Tax (CIT). 1,96,964 crore and personal income tax (PIT) at Rs. 56,389 crores. The ministry said that this amount is expected to increase as further information from banks is awaited.
The amount of refund of Rs. 75,111 crores have also been released so far in the financial year 2021-22.
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