Accelerated economic recovery, as well as easing Covid restrictions, have lifted the Centre’s net direct tax collections for FY22 (till December 16) by over 60 per cent on a year-on-year basis.
According to the Ministry of Finance, net collections stood at Rs 945,276.6 crore compared to Rs 587,702.9 crore over the corresponding period of the preceding financial year, representing an increase of 60.8 per cent.
“The net collection in FY2021-22 has registered a growth of 40 per cent over the corresponding period of FY 2019-20 when the net collection was Rs 675,409.5 crore….”
“The net direct tax collection of Rs 945,276.6 crore include corporation tax (CIT) at Rs 515,870.5 crore (net of refund) and personal income tax (PIT) including security transaction tax (STT) at Rs 429,406.1 crore (net of refund).”
Besides, the gross collection of direct taxes (before adjusting for refunds) for the FY 2021-22 (as on December 16) stood at Rs 10,80,370.2 crore compared to Rs 7,33,715.2 crore in the corresponding period of the preceding financial year.
“The gross collection for the FY 2019-20 was Rs 834,398 crore and that for FY 2018-19 was Rs 796,342 crore in the corresponding period.”
Furthermore, the ministry said that cumulative Advance Tax collections for the first, second and third quarter of the FY22 stood at Rs 4,59,917.1 crore (as on December 16) against Rs 299,620.5 crore for the corresponding period of the immediately preceding of FY21, showing a growth of 53.5 per cent (approx).
“Refunds amounting to Rs 135,093.6 crore have also been issued in the FY 2021-22 so far.”