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Net direct tax mop-up grows 74% at Rs 5.7 trn so far this fiscal

Refunds amounting to Rs 75,111 crore have also been issued so far this fiscal.

Direct taxes | Finance Ministry | taxes

Press Trust of India  |  New Delhi 

High-salaried employees may reconsider their contributions to Voluntary Provident Fund (VPF).

Net direct tax collection grew 74.4 per cent to Rs 5.70 lakh crore between April 1 to September 22 this fiscal, the said on Friday.

The net direct tax collection of Rs 5,70,568 crore after adjusting for refunds includes Corporation Tax (CIT) at Rs 3.02 lakh crore and Personal Income Tax (PIT) at Rs 2.67 lakh crore.

The net collection (April 1 to September 22) in FY 2021-22 has registered a growth of 27 per cent over 2019-20 fiscal when the net collection was over Rs 4.48 lakh crore. In the previous fiscal (2020-21), the net collection was over Rs 3.27 lakh crore.

The gross direct tax collection for 2021-22 fiscal stands at over Rs 6.45 lakh crore, compared to Rs 4.39 lakh crore in the corresponding period of the preceding financial year, registering a growth of 47 per cent over last fiscal. The gross collection was 16.75 per cent higher than Rs 5.53 lakh crore collected in 2019-20 fiscal (April-September 22).

The Gross CIT mop-up was Rs 3.58 lakh crore and PIT was over Rs 2.86 lakh crore.

Refunds amounting to Rs 75,111 crore have also been issued so far this fiscal.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, September 24 2021. 17:37 IST