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Friday, April 19 2024

India’s Net Direct Tax collections up 48% YoY till March 16

I-T Dept conducts searches in UP, over Rs 15 cr cash seized
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New Delhi: Accelerated economic recovery lifted the Centre’s net direct tax collections for FY22 (till March 16) by over 48 per cent on a year-on-year basis.

According to the Ministry of Finance, net collections stood at Rs 13,63,038.3 crore compared to Rs 9,18,430.5 crore over the corresponding period of the preceding financial year.

“The net collection (as on March 16, 2022) in FY 2021-22 has registered a growth of 42.50 per cent over the corresponding period of FY 2019-20 when the net collection was Rs 9,56,550.3 crore, and a growth of 34.96 per cent over the corresponding period of FY 2018-19 when the net collection was Rs 10,09,982.9 crore.”

Besides, the ministry said that net direct tax collection includes Corporation Tax (CIT) at Rs 7,19,035 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs 6,40,588.3 crore (net of refund).

“Collection of Rs 13,63,038.3 crore as on March 16, 2022 is as against a target of Rs 11.08 lakh crore (BE) as revised to Rs. 12.50 lakh crore (RE).”

“The gross collection of ‘Direct Taxes’ (before adjusting for refunds) for the FY 2021-22 (as on March 16, 2022) stands at Rs 15,50,364.2 crore compared to Rs 11,20,638.6 crore in the corresponding period of the preceding financial year.”

The ministry said that gross collection for the FY 2019-20 was Rs 11,34,706.3 crore and that for FY 2018-19 was Rs 11,68,048.7 crore in the corresponding period.

“The cumulative Advance Tax collections for the FY 2021-22 stand at Rs 6,62,896.3 crore as on March 16, 2022, against Advance Tax collections of Rs 4,70,984.4 crore for the corresponding period of the immediately preceding Financial Year i.e 2020-21, showing a growth of 40.75 per cent (approx).”

In addition, the ministry said that refunds amounting to Rs 187,325.9 crore have been issued in FY 2021-22 so far.

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