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CBDT: Gross Direct Tax Collections Spiked By 47% For The Financial Year (FY) 2021-22

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The Central Board of Direct Taxes (CBDT) unveiled the figures of Gross Direct Tax collections, Net Direct Tax collections, Advance Tax collections, and refunds for the FY 2021-22. Direct Tax collections for the Financial Year 2021-22 as of 22.09.2021 showed overall collections of Rs. 5,70,568 crore, up from Rs. 3,27,174 crore in the prior Financial Year, i.e. FY 2020-21, reflecting a 74.4 percent raise. The net collection as of September 22, 2021 in FY 2021-22 increased by 27% over FY 2019-20, where the net collection was Rs. 4,48,976 crore in the same period.

 
CBDT: Gross Direct Tax Collections Spiked By 47% For The FY 2021-22

Corporation Tax (CIT) at Rs. 3,02,975 crore (net of refund) and Personal Income Tax (PIT) comprising Security Transaction Tax (STT) at Rs. 2,67,593 crore makes up the net direct tax collection of Rs. 5,70,568 crore (as on 22.09.2021). Before adjusting for refunds, the gross collection of direct taxes for FY 2021-22 was Rs. 6,45,679 crore, up from Rs. 4,39,242 crore in the previous financial year's indicated period, representing a 47 percent increase over collections for the FY 2020-21. In FY 2021-22, gross collection (as of 22.09.2021) increased by 16.75 percent over FY 2019-20, up from Rs. 5,53,063 crore.

Corporation Tax (CIT) of Rs. 3,58,806 crore and Personal Income Tax (PIT) comprising Security Transaction Tax (STT) of Rs. 2,86,873 crore makes up the total gross collection of Rs. 6,45,679 crore. An advance tax of Rs. 2,53,353 crore, Tax Deducted at Source of Rs. 3,19,239 crore, Self-Assessment Tax of Rs. 41,739 crore, Regular Assessment Tax of Rs. 25,558 crore, Dividend Distribution Tax of Rs. 4,406 crore, and Tax under other minor categories of Rs. 1383 crore makes up the minor head-wise collection.

Amid the tough economic start to the fiscal year 2021-22, the Advance Tax collection in the second quarter (1 July 2021 to 22 September 2021) of FY 2021-22 is Rs. 1,72,071 crore, up 51.50 percent over the previous period in FY 2020-21 when the Advance Tax collection was Rs. 1,13,571 crore. As of 22.09.2021, cumulative Advance Tax collections for the first and second quarters of FY 2021-22 totaled Rs. 2,53,353 crore, compared to Advance Tax collections of Rs. 1,62,037 crore of the preceding Financial Year, i.e. 2020-21, indicating a 56 percent increase.

 

Furthermore, the total Advance Tax collection of Rs. 2,53,353 crore as of 22.09.2021 FY 2021- 22 is a 14.62 percent increase over the same period in FY 2019-20 when the cumulative Advance Tax collection cumulative was Rs. 2,21,036 crore. As of September 22, 2021, the Advance Tax collection was Rs. 2,53,353 crore, with Corporation Tax (CIT) at Rs. 1,96,964 crore and Personal Income Tax (PIT) at Rs. 56,389 crore. So far in the fiscal year 2021-22, refunds of Rs 75,111 crore have been granted.

Read more about: tax
Story first published: Saturday, September 25, 2021, 10:13 [IST]
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