Net direct tax collections for FY22 up over 74% at Rs5,70,568 crore
27 Sep 2021
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Net collection of direct taxes so far during the current financial year show a growth of nearly 74.4 per cent year-on-year, at Rs5,70,568 crore, compared to Rs3,27,174 crore in the corresponding period of the previous financial year, ie, FY 2020-21. Net collection (as on 22 September 2021) for the current fiscal showed a growth of 27 per cent over FY2019-20 when the net collection was Rs4,48,976 crore.
The net direct tax collection of Rs5,70,568 crore include corporate income tax (CIT) of Rs3,02,975 crore (net of refund) and personal income tax (PIT), including security transaction tax (STT) of Rs2,67,593 crore (net of refund).
Gross collection of direct taxes (before adjusting for refunds) for the FY 2021-22 stands at Rs6,45,679 crore compared with Rs4,39,242 crore in the corresponding period of the preceding financial year, registering a growth of 47 per cent over collections of FY2020-21. Gross collection (as on 22 September 2021) registered a growth of 16.75 per cent over FY 2019-20 when the gross collection was Rs5,53,063 crore, figures released by the finance ministry showed.
Gross collection of Rs6,45,679 crore includeed corporate income tax (CIT) of Rs3,58,806 crore and personal income tax (PIT), including security transaction tax (STT) of Rs2,86,873 crore. Minor head wise collection comprises advance tax of Rs2,53,353 crore; tax deducted at source of Rs3,19,239 crore; self-assessment tax of Rs41,739 crore; regular assessment tax of Rs25,558 crore; dividend distribution tax of Rs4,406 crore and tax under other minor heads of Rs1,383 crore.
Despite extremely challenging initial months of the fiscal year 2021-22, advance tax collection in the second quarter (1 July 2021 to 22 September 2021) of FY 2021-22 is Rs1,72,071 crore, which shows a growth of 51.50 per cent over the corresponding period in FY 2020-21 when the advance tax collection was Rs1,13,571 crore.
Cumulative advance tax collections for the first and second quarter of the FY 2021-22 stand at Rs2,53,353 crore as of 22 September 2021, against advance tax collection of Rs1,62,037 crore for the corresponding period of the immediately preceding Financial Year, ie, 2020-21, showing a growth of 56 per cent (approximately).
Further, cumulative advance tax collection of Rs2,53,353 crore as on 22 September (FY 2021-22) shows a growth of 14.62 per cent over the corresponding period in FY 2019-20 when the advance tax collection(cumulative) was Rs2,21,036 crore. The advance tax collection of Rs2,53,353 crore as on 22 September 2021 comprises corporate income tax (CIT) of Rs1,96,964 crore and personal income tax (PIT) at Rs56,389 crore. This amount is expected to increase as further information is awaited from banks.
Refunds amounting to Rs75,111 crore have also been issued in the FY 2021-22 so far.
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