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Net direct tax collections up by 100 per cent in 2021-22 fiscal: Indian government

RBI. Photo: @RBI/Twitter

New Delhi, June 16 (MNN) Direct tax collections for 2021-22 fiscal as on June 15 show that the net collections are Rs 1,85,871 crore compared with Rs 92,762 crore over the corresponding period of the preceding year, an increase of 100.4 per cent, the Indian government said on Wednesday.

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).

The Gross collection of Direct Taxes (before adjusting for refunds) for FY  2021-22 stands at Rs 2,16,602 crore compared with 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.

Minor head-wise collection comprises 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.1,086 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 FY 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 per cent.

This comprises Corporation Tax at Rs 18,358 crore and Personal Income Tax at Rs 10,422 crore. This amount is expected to increase as further information is received from the banks.

Refunds amounting to Rs 30,731 crore have also been issued in the FY 2021-22, the government said.

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