Net Direct Tax collections for FY 2021-22 so far up more than 100%
New Delhi, June 17, 2021
Direct Tax collections for the financial year 2021-22 as of June 15 are Rs 1,85,871 crore, compared to Rs. 92,762 crore over the corresponding period of the preceding year, representing an increase of 100.4%, official data released here on Wednesday showed.
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), an official press release said.
The gross collection of Direct Taxes (before adjusting for refunds) for FY 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 at Rs 96,923 crore and Personal Income Tax, including Security Transaction Tax (STT), at Rs 1,19,197 crore.
The 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 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%. 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 banks.
"Refunds amounting to Rs 30,731 crore have also been issued in the FY 2021-22," the release added.