Net direct tax collections double to Rs 1.85 trn in FY22 so far

Advance tax collections for FY22 stand at Rs 28,780 cr, which shows a growth of approximately 146%, says govt

The direct tax collections for FY22, as on June 15, 2021 show that net collections are at Rs 1.85 trillion as compared to Rs 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 Rs 74,356 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs 1.11 trillion (net of refund), said Ministry of Finance on Wednesday.

The gross collection of direct taxes (before adjusting for refunds) for FY22 stands at Rs 2.16 trillion as compared to Rs 1.37 trillion in the corresponding period of the preceding year. This includes Corporation Tax (CIT) at Rs 96,923 crore and Personal Income Tax (PIT), including Security Transaction Tax (STT), at Rs 1.19 trillion. Minor head wise collection comprises Advance Tax of Rs 28,780 crore, Tax Deducted at Source of Rs 1.56 trillion, 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 the FY22 stand at Rs 28,780 crore as against advance tax collections of Rs 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 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 ministry said. 

Refunds amounting to Rs 30,731 crore have also been issued in FY22.