A Finance Ministry release said Direct Tax collections up to November 10, 2022 show that gross collections are at Rs. 10.54 lakh crore, which is 30.69 per cent higher than the gross collections for the corresponding period of last year.

New Delhi [India], October 9 (ANI): The gross tax collection between April 1 and October 8 this year has jumped nearly 24 per cent, according to the Ministry of Finance.

New Delhi [India], September 18 (ANI): Net direct tax collections so far this financial year are at Rs 700,669 crore, an increase of 23 per cent as compared to Rs 568,147 crore till the same period of the corresponding financial year, a Central Board of Direct Taxes statement said on Sunday.

New Delhi Sep 24 PTI The net personal income and corporate taxes collection grew 74 per cent to Rs 570 lakh crore so far this fiscal driven mainly by advance tax and TDS payments The mop up of net direct tax which is arrived at after deducting refunds from gross collection between April 1-September 22 was at Rs 570568 crore a 744 per cent growth over Rs 327 lakh crore collected in the same period last fiscal the Central Board of Direct Taxes CBDT said in a statement It is 27 per cent growth over Rs 448 lakh crore collected in 2019-20 The gross direct tax collection so far this fiscal stands at over Rs 645 lakh crore a 47 per cent growth over Rs 439 lakh crore mopped up in the corresponding period of the preceding year The gross collection was 1675 per cent higher than Rs 553 lakh crore collected between April 1-September 22 of 2019-20 fiscal While over Rs 253 lakh crore has been collected through advance tax Tax Deducted at Source TDS mop-up was over Rs 319 lakh crore Self-assessment tax worth Rs 41739 crore regular assessment tax of Rs 25558 crore dividend distribution tax of Rs 4406 crore and tax under other minor heads of Rs 1383 crore has been mopped up The cumulative advance tax collections for the first and second quarter of the FY 2021-22 stand at Rs 253353 crore as on September 22 2021 against advance tax collections of Rs 162037 crore for the corresponding period of the immediately preceding financial year ie 2020-21 showing a growth of 56 per cent the statement said The advance tax collection comprises corporation tax CIT at Rs 196 lakh crore and personal income tax PIT at Rs 56389 crore The gross CIT mop up was Rs 358 lakh crore and PIT was over Rs 286 lakh crore while net CIT was at Rs 302 lakh crore and PIT was at Rs 267 lakh crore Refunds amounting to Rs 75111 crore have also been issued in the FY 2021-22 so far The CBDT said that despite extremely challenging initial months of the fiscal year 2021-22 the advance tax collection in the second quarter July 1 to September 22 2021 of FY 2021-22 is Rs 172 lakh crore which shows a growth of 5150 per cent over the corresponding period in FY 2020-21 when the advance tax collection was Rs 113 lakh crore Nangia Andersen LLP Partner Sandeep Jhunjhunwala said businesses although not unscathed were better prepared to ride the second wave The significantly higher tax collection numbers bear proof of the projected improvement in Indias economic growth rate FY 2020-21 was a one of a kind year that caught taxpayers and governments across the world by surprise Therefore the 27 per cent improvement in tax collection from FY 2019-20 when the economy was more stable than it is today may be more reassuring than the 744 per cent improvement from FY 2020-21 when businesses experienced a significant dip he said Jhunjhunwala further said that the improvement in advance tax collection over 2019-20 demonstrates a strong bounce back PTI JD MKJ