Net Direct Tax collections For F.Y. 2021-22 Surge 48.4%

The figures of Direct Tax collections for the Financial Year 2021-22, as on 16.03.2022 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%. The net collection (as on 16.03.2022) in FY 2021-22 has registered a growth of 42.50% 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% over the corresponding period of FY 2018-19 when the net collection was Rs. 10,09,982.9 crore.

Net direct tax collection

The Net Direct Tax collection of Rs. 13,63,038.3 crore (as on 16.03.2022) 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). Collection of Rs. 13,63,038.3 crore as on 16.03.2022 is as against a target of Rs. 11.08 lakh crore (BE) as revised to Rs. 12.50 lakh crore (RE)

Gross direct tax collection

The gross collection of Direct Taxes (before adjusting for refunds) for the F.Y. 2021-22 (as on 16.03.2022) 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 gross collection for the F.Y. 2019-20 was Rs. 11,34,706.3 crore and that for F.Y. 2018-19 was Rs. 11,68,048.7 crore in the corresponding period.

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. Minor head wise collection (as on 16.03.2022), 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.

Cumulative advance tax collections

The cumulative Advance Tax collections for the F.Y. 2021-22 stand at Rs. 6,62,896.3 crore as on 16.03.22, against Advance Tax collections of Rs. 4,70,984.4 crore for the corresponding period of the immediately preceding Financial Year i.e 2020-21, showing a growth of 40.75% (approx). Further, the cumulative Advance tax collection of Rs. 6,62,896.3 crore as on 16.03.2022 (FY 2021-22) shows a growth of 50.56% 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 % 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.

Refunds amounting to Rs. 1,87,325.9 crore have also been issued in the F.Y. 2021-22 so far.