Net direct tax collections surge 61% to ₹9.45L crore till Dec 16

While the previous fiscal year had seen a devastating impact of Covid-19 on tax collections, the net direct tax revenue in the current financial year is significantly higher even compared to non-Covid years that exhibit a robust economic recovery post-pandemic.

India’s net direct tax collections for the financial year 2021-22 surged 60.8% at ₹9,45,276.6 crore as on December 16, 2021 compared to ₹5,87,702.9 crore in the corresponding period of 2020-21, an official statement said.

The gross direct tax collections for 2021-22 (as on December 16, 2021), which is before adjusting for refunds, stands at ₹10,80,370.2 crore compared to ₹7,33,715.2 crore in the corresponding period of the previous financial year. (HT File)

While the previous fiscal year had seen a devastating impact of Covid-19 on tax collections, the net direct tax revenue in the current financial year is significantly higher even compared to non-Covid years that exhibit a robust economic recovery post-pandemic.

“The net collection in FY 2021-22 has registered a growth of 40% over the corresponding period of FY 2019-20 when the net collection was ₹6,75,409.5 crore, and a growth of 40.93% over the corresponding period of FY 2018-19 when the net collection was ₹6,70,739.1 crore,” it said in a statement. The net direct tax collection of ₹9,45,276.6 crore includes corporation income tax (CIT) at ₹5,15,870.5 crore and personal income tax (PIT) including security transaction tax (STT) at ₹4,29,406.1 crore, it said. Net collections are computed after refunds.

Minor head wise collection as on December 16, 2021 comprises advance tax of ₹4,59,917.1 crore, TDS of ₹4,93,171.7 crore, self-assessment tax of ₹74,336.2 crore among others, under the other minor heads of ₹2390.6 crore, it said.