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Net Direct Tax Increased More Than 100% Despite COVID-19 Pandemic

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Despite the economic disruption caused by the COVID-19 pandemic, net direct tax collections for FY 2021-22 have increased at a healthy rate. In the fiscal year 2021-22, refunds totaling Rs 30,731 crore were also issued.

 

Direct Tax

Direct Tax collections for the Financial Year 2021-22, as of 15.06.2021, indicate net collections of Rs.1,85,871 crore, up from Rs. 92,762 crore in the previous year's similar period, showing a 100.4 percent increase over the previous year's revenues.

Net Direct Tax Increased More Than 100% Despite COVID-19 Pandemic

Corporation Tax
Corporation Tax (CIT) at Rs. 74,356 crore (net of rebate) and Personal Income Tax (PIT) and Security Transaction Tax (STT) at Rs. 1,11,043 crore make up the net Direct Tax collections (net of refund).

The gross collection of direct taxes (before refunds) for the fiscal year 2021-22 is Rs. 2,16,602 crore, up from Rs. 1,37,825 crore in the previous year's similar period. This includes Corporation Tax (CIT) of Rs. 96,923 crore and Personal Income Tax (PIT) of Rs. 1,19,197 crore, which includes Security Transaction Tax (STT).

Advance tax

An advance tax of Rs. 28,780 crore, Tax Deducted at Source of Rs. 1,56,824 crore, Self-Assessment Tax of Rs. 15,343 crore, Regular Assessment Tax of Rs. 14,079 crore, Dividend Distribution Tax of Rs. 1086 crore, and Tax under other minor categories of Rs. 491 crore makes up the minor head collection.

Despite the difficult first few months of the new fiscal year, Advance Tax receipts for the first quarter of FY 2021-22 were Rs. 28,780 crore, up from Rs. 11,714 crore in the same period of the previous fiscal year, representing a 146 percent increase. This includes Rs. 18,358 crore in Corporation Tax (CIT) and Rs. 10,422 crore in Personal Income Tax (PIT). As more information from banks becomes available, this figure is projected to rise.

Read more about: tax direct tax
Story first published: Wednesday, June 16, 2021, 17:09 [IST]
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