Direct tax collections surge 48 per cent to Rs 13.63 lakh crore

New Delhi [India], March 17 (ANI): Net direct tax collections surged by 48.4 per cent to Rs 13,63,038 crore in the current financial year till March 16 as compared with the Rs 9,18,430.5 crore over the corresponding period of last year, the government data showed on Thursday.
The net direct tax collection of Rs 13,63,038.3 crore till 16th March in the current financial year include Corporation Tax (CIT) at Rs 7,19,035.0 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs 6,40,588.3 crore (net of refund).
Collection of Rs 13,63,038.3 crore as on 16th March 2022 is as against a target of Rs 11.08 lakh crore (budget estimate) as revised to Rs 12.50 lakh crore (revised estimate), according to data released by the Union Ministry of Finance.
The gross collection of Direct Taxes (before adjusting for refunds) for the FY 2021-22 (as on 16.03.2022) stands at Rs 15,50,364.2 crore compared to Rs 11,20,638.6 crore in the corresponding period of the preceding financial year.
The gross collection for the FY 2019-20 was Rs 11,34,706.3 crore and that for FY 2018-19 was Rs. 11,68,048.7 crore in the corresponding period.
The gross collection of Rs 15,50,364.2 crore includes Corporation Tax (CIT) at Rs 8,36,838.2 crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs 7,10,056.8 crore.
Minor head wise collection (as on 16.03.2022), comprises Advance Tax of Rs 6,62,896.3 crore, Tax Deducted at Source of Rs 6,86,798.7 crore, Self-Assessment Tax of Rs 1,34,391.1 crore; Regular Assessment Tax of Rs 55,249.5 crore; Dividend Distribution Tax of Rs 7,486.6 crore and Tax under other minor heads of Rs 3,542.1 crore.
The cumulative Advance Tax collections for the FY 2021-22 stand at Rs 6,62,896.3 crore as on 16.03.22, against Advance Tax collections of Rs 4,70,984.4 crore for the corresponding period of the immediately preceding Financial Year i.e 2020-21, showing a growth of 40.75 per cent.
Further, the cumulative Advance tax collection of Rs 6,62,896.3 crore as on 16.03.2022 (FY 2021-22) shows a growth of 50.56 per cent over the corresponding period in FY 2019-20 when the advance tax collection (cumulative) was Rs 4,40,281.4 crore and a growth of 30.82 per cent over the corresponding period in FY 2018-19 when the advance tax collection (cumulative) was Rs 5,06,714.2 crore. (ANI)