Net Direct Tax collections for 2021-22 grow by almost 100%

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Net direct tax mop up doubles to more than Rs 1.85 lakh crore so far this fiscal

The net direct tax collection has doubled to over Rs 1.85 lakh crore so far this fiscal, mainly driven by personal income tax and advance tax mop up, the I-T department said on Wednesday. The net direct tax collection also includes corporate income tax (CIT) collection at Rs 74,356 crore and Personal Income Tax, including Security Transaction Tax (STT) at over Rs 1.11 lakh crore.

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The net direct tax collections (after adjusting refunds) between April 1-June 15 stood at Rs 1,85,871 crore, compared to Rs 92,762 crore over the corresponding period of the preceding year, representing an increase of 100.4 per cent over the collections of the preceding year, the Central Board of Direct Taxes (CBDT) said in a statement.

Refunds amounting to Rs 30,731 crore have been issued in current fiscal.

The gross collection of direct taxes for this fiscal stood at over Rs 2.16 lakh crore, compared to Rs 1.37 lakh crore in the corresponding period of the preceding year.

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READ MORE: GST was notified with horrendous rates of tax: Chidambaram slams Centre

The gross corporate income tax (CIT) mop up stood at Rs 96,923 crore and personal income tax (PIT) stood at over Rs 1.19 lakh crore.

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While Advance Tax mop up stood at Rs 28,780 crore, Tax Deducted at Source was at Rs 1,56,824 crore. Self-Assessment Tax stood at Rs 15,343 crore and Regular Assessment Tax at Rs 14,079 crore.

“Despite extremely challenging initial months of the new fiscal, the Advance Tax collections for the first quarter of the FY 2021-22 stand at Rs 28,780 crore against Advance Tax collections of Rs 11,714 crore for the corresponding period of the immediately preceding Financial Year, showing a growth of approximately 146 per cent,” the CBDT said.

READ MORE: GST council slashes tax on oximeters, hand sanitisers, Covid testing kits

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