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Net Direct tax collection for FY22 up over 100 Percent to Rs 1.85 lakh cr

According to the government, India's net direct tax receipts increased by 100.4 % to Rs 1,85,871 crore in FY22. In the same time of the previous fiscal, income tax receipts totaled 92,762 crore.

The Ministry of Finance said in a statement that net Direct Tax collections include Corporation Tax (CIT) of Rs. 74,356 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) of Rs. 1,11,043 crore (net of refund).

In FY22, the gross collection of direct taxes (before refunds) was Rs 2,16,602 crore, compared to Rs 1,37,825 crore in the previous year's similar period. This includes Rs 96,923 crore in corporate tax (CIT) and Rs 1,19,197 crore in personal income tax (PIT), which includes security transaction tax (STT).

Read Also: Tax Collected at Source (TCS) under GST and its practical issue

Advance tax of Rs 28,780 crore, tax deducted at source of Rs 1,56,824 crore, 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 headings of Rs 491 crore were among the minor head collections.

"Despite extremely challenging initial months of the new fiscal , the Advance Tax collections for the first quarter of the FY22 stand at ₹28,780 crore against Advance Tax collections of ₹11,714 crore for the corresponding period of the immediately preceding Financial Year, showing a growth of approximately 146%," it stated.

This includes Rs. 18,358 crore in Corporation Tax (CIT) and Rs. 10,422 crore in Personal Income Tax (PIT). As more information from banks becomes available, this figure is projected to rise.

In the fiscal year 2021-22, refunds totaling Rs 30,731 crore were also issued.

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Tags: INCOME TAX

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