At Rs 13.63 Lakh Crore, Net Direct Tax Collections For FY22 Up By Over 48.4 Per Cent: Govt

The net direct tax collections for the financial year (FY) 2021-22 are at Rs 13.63 lakh crore, as of 16 March, showing an increase of 48.41 per cent compared to the corresponding period of the last fiscal year.

"The figures of Direct Tax collections for the Financial Year 2021-22, as on 16 March show that net collections are at Rs 13,63,038.3 crore compared to Rs 9,18,430.5 crore over the corresponding period of the preceding financial year i.e. FY 2020-21, representing an increase of 48.41 per cent," the Finance Ministry said in a statement on Thursday (17 March).

"The net collection (as on 16 March) 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," the ministry said.

According to the ministry, the Net Direct Tax collection of Rs 13,63,038.3 crore include Corporation Tax (CIT) at Rs 7,19,035.0 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs 6,40,588.3 crore (net of refund).

Further, the collection of Rs. 13.63 lakh crore 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 16 March) 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.

The gross collection of Rs 15,50,364.2 crore includes Corporation Tax (CIT) at Rs 8,36,838.2 crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs 7,10,056.8 crore, according to the ministry.

Minor head wise collection (as on 16 March), comprises Advance Tax of Rs 6,62,896.3 crore, Tax Deducted at Source of Rs 6,86,798.7 crore, Self-Assessment Tax of Rs 1,34,391.1 crore; Regular Assessment Tax of Rs 55,249.5 crore; Dividend Distribution Tax of Rs 7,486.6 crore and Tax under other minor heads of Rs 3,542.1 crore, the ministry said.

The cumulative Advance Tax collections for the FY 2021-22 stand at Rs 6,62,896.3 crore as on 16 March, against Advance Tax collections of Rs 4,70,984.4 crore for the corresponding period of the immediately preceding Financial Year 2020-21, showing a growth of approximately 40.75 per cent, it added.

Further, the cumulative Advance tax collection of Rs 6,62,896.3 crore as on 16 March (FY 2021-22) shows a growth of 50.56 per cent over the corresponding period in FY 2019-20 when the advance tax collection(cumulative) was Rs 4,40,281.4 crore and a growth of 30.82 per cent over the corresponding period in FY 2018-19 when the advance tax collection(cumulative) was Rs 5,06,714.2 crore.

The Advance tax figure of Rs 6,62,896.3 crore as on 16.03.2022 comprises Corporation Tax (CIT) at Rs 4,84,451.8 crore and Personal Income Tax (PIT) at Rs 1,78,441.1 crore. This amount is expected to increase as further information is awaited from banks, the ministry said.

Further, refunds amounting to Rs 1,87,325.9 crore have also been issued in the FY 2021-22 so far, it added.