Net direct tax collections more than double to Rs1,85,871 crore in FY 2021-22
17 June 2021
Net direct tax collections for the financial year 2021-22 defied the pandemic-led economic slowdown and rose to Rs1,85,871 crore, showing an increase of 100.4 per cent over the Rs92,762 crore collected in the preceding year.
Net direct tax collections include corporate income tax (CIT) of Rs74,356 crore (net of refund) and personal income tax (PIT), including securities transaction tax (STT) of Rs1,11,043 crore (net of refund).
Gross direct tax collection (before adjusting for refunds) for FY 2021-22 stands at Rs2,16,602 crore compared to Rs1,37,825 crore in the corresponding period of the preceding year. This includes corporate income tax (CIT) of Rs96,923 crore and personal income tax (PIT), including securities transaction tax (STT) of Rs1,19,197 crore.
Minor head wise collection comprises advance tax of Rs28,780 crore, tax deducted at source of Rs1,56,824 crore, self-assessment tax of Rs15,343 crore; regular assessment tax of Rs14,079 crore; dividend distribution tax of Rs1,086 crore and tax under other minor heads of Rs491 crore.
Despite extremely challenging initial months of the new fiscal , advance tax collections for the first quarter of FY2021-22 stand at Rs28,780 crore against advance tax collections of Rs11,714 crore for the corresponding period of the immediately preceding financial year, showing a growth of approximately 146 per cent. This comprises corporate tax of Rs18,358 crore and personal income tax of Rs10,422 crore.
The finance ministry expects this amount to increase as further information is received from banks.
Refunds amounting to Rs30,731 crore have also been issued in FY 2021-22.