Net direct tax collection rises 50% to record Rs 13.81 trillion in FY22

Gross mop-up touches record Rs 15.83 trn; exceeds Budget and revised estimates

Direct taxes, comprising income tax and corporation tax, have broken all records and touched Rs 13.81 trillion in FY22.

Collection jumped more than 49 per cent over that of the previous fiscal year, mainly due to a low base effect. In FY21, net collection stood at Rs 9.23 trillion.

However, collection in FY22 is even higher by 34 per cent and 23 per cent over the pre-pandemic levels of FY19 and FY20. In FY20, net collection was Rs 10.28 trillion and in FY19 Rs 11.18 trillion.
 

Gross collection in FY22 touched Rs 15.83 trillion, which too is a historic high, according