Net Direct Tax collections for the Financial Year 2021-22 have grown at over 100%

Net Direct Tax collections for the Financial Year 2021-22 have grown at over 100%

Advance Tax collections for F.Y. 2021-22 stand at ₹ 28,780 crore which shows a growth of approximately 146%

Net Direct Tax collections for the F.Y. 2021-22 have grown at a robust pace despite the disruption caused by the COVID-19 pandemic on the economy

Refunds amounting to ₹ 30,731 crore have been issued in the F.Y. 2021-22

The figures of Direct Tax collections for the Financial Year 2021-22, as on 15.06.2021 show that net collections are at ₹ 1,85,871 crore compared to ₹ 92,762 crore over the corresponding period of the preceding year, representing an increase of 100.4% over the collections of the preceding year.  The net Direct Tax collections include Corporation Tax (CIT) at ₹ 74,356 crore (net of refund) and Personal Income Tax(PIT) including Security Transaction Tax (STT) at ₹ 1,11,043 crore (net of refund).

The Gross collection of Direct Taxes(before adjusting for refunds) for the F.Y.  2021-22 stands at ₹ 2,16,602 crore compared to ₹ 1,37,825 crore in the corresponding period of the preceding year. This includes Corporation Tax(CIT) at ₹ 96,923 crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) at ₹ 1,19,197 crore. Minor head wise collection comprises Advance Tax of ₹ 28,780 crore, Tax Deducted at Source of ₹ 1,56,824 crore, Self-Assessment Tax of ₹ 15,343 crore; Regular Assessment Tax of ₹ 14,079 crore; Dividend Distribution Tax of ₹ 1086 crore and Tax under other minor heads of ₹ 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 ₹ 28,780 crore against Advance Tax collections of ₹ 11,714 crore for the corresponding period of the immediately preceding Financial Year, showing a growth of approximately 146%. This comprises Corporation Tax (CIT) at ₹ 18,358 crore and Personal Income Tax (PIT) at ₹ 10,422 crore. This amount is expected to increase as further information is received from Banks.

Refunds amounting to ₹ 30,731 crore have also been issued in the F.Y. 2021-22.