Income, corporation tax collection in 2021-22 best in 5 years, says CBDT Chairman

Direct tax collections surged to Rs 14.09 lakh crore in 2021-22 registering a year-on-year growth of 49.02 per cent on the back of strong growth in mop-up from income and corporation tax, Central Board of Direct Taxes (CBDT) Chairman J B Mohapatra said.

Net direct tax collections for the FY 2021-22 surged to Rs 14,09,640.83 crore, showing a growth of 49.02 per cent. Gross direct tax collections for the financial year ended March 31, stood at Rs 16,34,454.95 crore showing a growth of 32.75 per cent.

Refunds amounting to Rs 2,24,814.12 crore have been issued in FY 2021-22. More than 7.14 crore Income Tax Returns for AY 2021-22 have been filed on the new e-filing portal, Mohapatra told reporters.

Talking to ANI CBDT chairman said, Mumbai is number one in India with a tax collection of Rs 4.4 lakh crore. Bengaluru is number two followed by Delhi, Chennai, Hyderabad, Pune, and Ahmadabad.

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The gross direct tax collection (before adjusting for refunds) for the FY 2021-22 stands at Rs 16,34,454.95 crore compared to Rs 12,31,270.52 crore in the FY 2020-21, representing an increase of 32.75 per cent.

The gross collection in FY 2021-22 has registered a growth of 32.42 per cent over the collections of FY 2019-20 when the gross collection was Rs 12,34,258.42 crore and a growth of 25.84 per cent over the collections of FY 2018-19 when the gross collection was Rs 12,98,797.32 crore.

During FY 2021-22, 2.43 crore refunds were issued compared to 2.37 crore in FY 2020-21 amounting to Rs 2,24,814 crore. This includes 2.01 crore refunds of AY 2021-22 itself due to faster processing of returns.

More than 7.14 crore Income Tax Returns (ITRs) were filed for AY 2021-22 as on 31st March 2022 on the new e-filing portal, compared to 6.97 crore ITRs filed for AY 2020-21 till 31.05.2021 (extended the last date of the preceding year) representing an increase of 2.4 per cent.

Optimal utilization of technology has resulted in a reduction in the time taken to process the verified ITRs. The average processing time for ITRs filed for AY 2021-22 is 26 days. About 22.43 per cent ITRs were processed on the same day as they were verified, the CBDT chairman said.