Net Direct Tax Collections For FY 2021-22 Have Grown At Over 100% To Rs 1,85,871 Crore

Advance Tax collections for F.Y. 2021-22 stand at Rs. 28,780 crore, which shows a growth of approximately 146%, which is unprecedented during a financial year affected by Covid-19. Read the full report to know the details about tax collection.

By : Piyush Pandey | Updated at : 16 Jun 2021 07:10 PM (IST)

Net Direct Tax Collections For FY 2021-22 Have Grown At Over 100% To Rs 1,85,871 Crore Net Direct Tax Collections For FY 2021-22 Have Grown At Over 100% To Rs 1,85,871 Crore

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Mumbai: Net direct tax collections for the financial year (F.Y.) 2021-22 have grown at over 100% to Rs Rs.1,85,871 crore despite the disruption caused by the COVID-19 pandemic on the economy. The net direct tax collection was Rs. 92,762 crores over the corresponding period of the preceding year.

The net direct tax collections include Corporation Tax (CIT) at Rs. 74,356 crore (net of refund) and Personal Income Tax(PIT) including Security Transaction Tax(STT) at Rs. 1,11,043 crore (net of refund), said the Central Board of Direct Taxes (CBDT) in a statement.

The gross collection of direct taxes(before adjusting for refunds) for the F.Y. 2021-22 stands at Rs. 2,16,602 crore compared to Rs. 1,37,825 crore in the corresponding period of the preceding year. This includes Corporation Tax(CIT) at Rs. 96,923 crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs. 1,19,197 crore.

According to CBDT, the minor head-wise collection comprises 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 heads of Rs. 491 crore.

"Despite extremely challenging initial months of the new Fiscal, the Advance Tax collections for the first quarter of the F.Y. 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%," said the CBDT statement.

The advance tax comprises Corporation Tax(CIT) at Rs. 18,358 crore and Personal Income Refunds amounting to Rs. 30,731 crore have been issued in the F.Y. 2021-22.