India’s net direct tax collection reaches all-time high of ₹14 lakh crore: CBDT

The record tax collection shows the strengthening of Indian economy after the pandemic, said chairman of the Central Board of Direct Taxes, JB Mohapatra.

Published on: Apr 26, 2022, 22:41:46 IST

By Debabrata Mohanty

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BHUBANESWAR: India’s net direct tax collections (income tax and corporate tax) touched an all-time high of ₹14.09 lakh crore in 2021-22, growing by 49.02% over the previous fiscal, indicating bouncing back of the economy after the Covid pandemic, chairman of the Central Board of Direct Taxes (CBDT), JB Mohapatra said on Tuesday.

More than 7.14 crore I-T returns were filed for 2021-22 on the e-filing portal, compared to 6.97 crore filed for 2020-21, the CBDT chairman said. (File Photo)

The net direct tax collection (after taking I-T refunds into account) was 2.5 lakh crore more than the ₹11.37 lakh crore achieved in 2018-19, the highest till the 2021-22 figures surpassed it, Mohapatra said at the end of a conference of income tax officials in Bhubaneswar on Tuesday.

The gross direct tax collections for 2021-22 also touched an all-time high of ₹16.34 lakh crore, showing a growth of over 32.75% over the previous fiscal.

“The record tax collection shows the strengthening of Indian economy after the pandemic. This shows the economy has bounced back,” said Mohapatra, adding that a new Annual Information System that contains details of all the financial transactions undertaken during a financial year helped the tax authorities shore up the collection.

Mohapatra said for the first time, direct tax collection pipped the indirect tax collection with the former accounting for 52 per cent of the total tax collection. “The target is to make it 60 per cent in the next few years and increase the tax to GDP ratio to 15% in the next 15 years from the current 12%,” he said.

The CBDT chairman said more than 7.14 crore I-T returns were filed for 2021-22 on the e-filing portal, compared to 6.97 crore filed for 2020-21. Refunds amounting to ₹2.24 lakh crore have been issued in the 2021-22 fiscal till May 31, 2021. Optimal utilisation of technology resulted in a reduction of time taken to process the verified ITRs as average processing time for assessment year 2021-22 came down to 26 days.

ABOUT THE AUTHOR
Debabrata Mohanty
Debabrata Mohanty is a senior assistant editor of Hindustan Times who works as state correspondent from Odisha covering the state's politics, governance, public policy, natural disasters, environment and its society for close to three decades. With his long years of reporting from the state capital of Bhubaneswar, Mohanty has been known as one of the most experienced and credible journalists covering Odisha for the national English dailies. His reporting combines on-ground detail with deep institutional knowledge detailing the state's changing politics, governance issues, administrative reforms and the functioning of its public institutions. He has regularly reported on issues ranging from legislative developments and public policy implementation. Politics is his core areas of expertise as he closely tracks Odisha's political landscape, including the rise and transformation of the Bharatiya Janata Party (BJP), the Biju Janata Dal (BJD), the two principal political parties in Odisha. His long association with the state's political establishment enables him to write on contemporary developments in a larger political context. Mohanty takes a deep interest in writing human interest stories, environmental issues and documenting the impact of cyclones, floods, heatwaves, and other climate-related events in one of the most disaster-prone states. His coverage extends to public health, governance reforms and stories on accountability of government institutions. Before joining Hindustan Times, Mohanty worked with The Indian Express, Mail Today, and The Telegraph, where he covered at least six general elections and as many assembly elections. In 2007, he was selected for the prestigious Chevening Young Indian Print Journalist Programme at the University of Lincoln, United Kingdom, where he received advanced training in print journalism. In 2009 he won the Press Institute of India-International Committee of Red Cross award on conflict reporting for his on-ground reportage of 2008 Kandhamal riots.Read More

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