Net Direct Tax collections for the F.Y. 2021-22 grown at robust pace at more than 60%

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Categories: Press Release

The figures of Direct Tax collections for the Financial Year 2021-22, as on December 16, 2021 show that net collections are at Rs. 9,45,276.6 crore compared to Rs. 5,87,702.9 crore over the corresponding period of the preceding financial year i.e FY 2020-21, representing an increase of 60.8%. The net collection (as on December 16, 2021) in FY 2021-22 has registered a growth of 40% over the corresponding period of FY 2019-20 when the net collection was Rs. 6,75,409.5 crore, and a growth of 40.93% over the corresponding period of FY 2018-19 when the net collection was Rs. 6,70,739.1 crore.

The Net Direct Tax collection of Rs. 9,45,276.6 crore (as on December 16, 2021) include Corporation Tax (CIT) at Rs. 5,15,870.5 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs. 4,29,406.1 crore (net of refund).

The gross collection of Direct Taxes (before adjusting for refunds) for the F.Y. 2021-22 (as on December 16, 2021) stands at Rs. 10,80,370.2 crore compared to Rs. 7,33,715.2 crore in the corresponding period of the preceding financial year. The gross collection for the F.Y. 2019-20 was Rs. 8,34,398 crore and that for F.Y. 2018-19 was Rs. 7,96,342 crore in the corresponding period.

The gross collection of Rs. 10,80,370.2 crore includes Corporation Tax (CIT) at Rs. 6,05,652.6 crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs. 4,74,717.6 crore. Minor head wise collection (as on December 16, 2021) comprises Advance Tax of Rs. 4,59,917.1 crore, Tax Deducted at Source of Rs. 4,93,171.7 crore, Self-Assessment Tax of Rs. 74,336.2 crore; Regular Assessment Tax of Rs. 44,028.7 crore; Dividend Distribution Tax of Rs. 6,525.9 crore and Tax under other minor heads of Rs. 2390.6 crore.

The cumulative Advance Tax collections for the first, second and third quarter of the F.Y. 2021-22 stand at Rs. 4,59,917.1 crore as on December 16, 2021, against Advance Tax collections of Rs. 2,99,620.5 crore for the corresponding period of the immediately preceding Financial Year i.e 2020-21, showing a growth of 53.5%(approx). Further, the cumulative Advance tax collection of Rs. 4,59,917.1 crore as on December 16, 2021 (FY 2021-22) shows a growth of 44.21% over the corresponding period in FY 2019-20 when the advance tax collection(cumulative) was Rs 3,18,929.4 crore and a growth of 49.76 % over the corresponding period in FY 2018-19 when the advance tax collection(cumulative) was Rs 3,07,096.3 crore.

The Advance tax figure of Rs 4,59,917.1 crore as on December 16, 2021 comprises Corporation Tax (CIT) at Rs. 3,49,045.4 crore and Personal Income Tax (PIT) at Rs. 1,10,871.7 crore. This amount is expected to increase as further information is awaited from Banks.

Refunds amounting to Rs. 1,35,093.6 crore have also been issued in the F.Y. 2021-22 so far.

The Press Release can be accessed at: https://www.pib.gov.in/PressReleasePage.aspx?PRID=1782792

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