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Direct tax collection for FY22 up over 100% to Rs 1.85 lakh cr

Direct tax collection for FY22 up over 100% to Rs 1.85 lakh cr

Gross collection of direct taxes (before adjusting for refunds) for FY22 stands at Rs 2,16,602 crore compared to Rs 1,37,825 crore in corresponding period of preceding year

Advance tax collections for the first quarter of the FY 2021-22 stand at Rs 28,780 crore against advance tax collections of Rs 11,714 crore for FY21 Advance tax collections for the first quarter of the FY 2021-22 stand at Rs 28,780 crore against advance tax collections of Rs 11,714 crore for FY21

Net tax collection grew 100.4 per cent to Rs 1,85,871 crore in FY22 as on June 15 as compared to Rs 92,762 crore over the corresponding period of the preceding year, direct tax collections data showed.

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), of Rs 1,11,043 crore (net of refunds), the Finance Ministry said in a statement.

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The gross collection of direct taxes (before adjusting for refunds) for FY22 stood at Rs 2,16,602 crore as compared to Rs 1,37,825 crore in the corresponding period of the preceding year. This includes corporation tax (CIT) of Rs 96,923 crore and personal income tax (PIT), including security transaction tax (STT), of Rs 1,19,197 crore.

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Minor head wise collection comprised 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 around 146 per cent. This comprises corporation tax (CIT) at Rs 18,358 crore and personal income tax (PIT) at Rs 10,422 crore. This amount is expected to increase as further information is received from banks," the statement said.

Also read: Indirect tax collection rises 12.3% to Rs 10.7 lakh cr in FY21