Net direct tax collections for FY 2021-22 jump over 74%

Refunds aggregating to Rs 75,111 crore have been issued in the current fiscal.

The direct tax collections for the financial year 2021-22, as on 22 September 2021 show that net collections are at Rs 5,70,568 crore, a year-on-year increase of 74.4%.

In the last financial year, the net collection was Rs 3,27,174 crore, a Finance Ministry release stated on 24 September 2021.

The net direct tax collection of Rs 5,70,568 crore, includes corporation tax of Rs 3,02,975 crore (net of refund) and personal income tax including security transaction tax (STT) of Rs 2,67,593 crore (net of refund).

The advance tax collection in the second quarter (1 July 2021 to 22 September 2021) of FY 2021-22 is Rs 1,72,071 crore, a growth of 51.50% over Rs 1,13,571 crore in the corresponding period in FY 2020-21.

Refunds amounting to Rs 75,111 crore have been issued in the FY 2021-22 so far.

The gross collection of direct taxes (before adjusting for refunds) for the FY 2021-22 stands at Rs 6,45,679 crore compared to Rs 4,39,242 crore in the corresponding period of the preceding financial year, registering a growth of 47% over collections of FY 2020-21.

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