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Net Direct Tax collections in 2021-22 grown at over 100% despite Covid-19 pandemic: Ministry of finance
In a statement announcing the figures on Wednesday evening, the ministry said “ The net Direct Tax collections include Corporation Tax (CIT) at Rs. 74,356 crore (net of refund) and Personal Income Tax(PIT) including Security Transaction Tax(STT) at Rs. 1,11,043 crore (net of refund).”
The Union ministry of finance on Wednesday said that the net direct tax collections for the financial year 2021-2022 stood at ₹1,85,871 crore as of June 15. The figures, the ministry said, showed an increase of 100.4% over the collections of the same period in the previous year, which was ₹92,762 crore.
In a statement announcing the figures on Wednesday evening, the ministry said “ The net Direct Tax collections include Corporation Tax (CIT) at Rs. 74,356 crore (net of refund) and Personal Income Tax(PIT) including Security Transaction Tax(STT) at Rs. 1,11,043 crore (net of refund).”
Gross collection of direct taxes (before adjusting for refunds) for the current financial year stood at ₹2,16,602 crore. It is also higher than the gross collection recorded at the corresponding period in the last year which was ₹1,37,825 crore, the ministry further said. “This includes Corporation Tax(CIT) at Rs. 96,923 crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs. 1,19,197 crore,” it added.
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“Minor head wise collection comprises Advance Tax of Rs. 28,780 crore, Tax Deducted at Source of Rs.1,56,824 crore, Self-Assessment Tax of Rs. 15,343 crore; Regular Assessment Tax of Rs. 14,079 crore; Dividend Distribution Tax of Rs.1086 crore and Tax under other minor heads of Rs. 491 crore,” the ministry further said in its statement.
The ministry also said that the advanced tax collections for the first quarter of the current financial year stood at ₹28,780 crore, a growth of approximately 146% over the ₹11,714 crore collected in the corresponding period of the previous financial year. The ministry highlighted that this was done despite the extremely challenging initial months of the new fiscal. “This comprises Corporation Tax (CIT) at Rs. 18,358 crore and Personal Income Tax (PIT) at Rs. 10,422 crore. This amount is expected to increase as further information is received from Banks,” the ministry’s statement showed.
As much as ₹30,731 crore have also been issued as refunds in the current financial year, the ministry added.
