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Updated on: Wednesday, June 16, 2021, 06:04 PM IST

Net direct tax collection up by 100% at Rs 1.85 lakh crore for FY 2021-2022 so far

Tax | Photo by Nataliya Vaitkevich from Pexels

Tax | Photo by Nataliya Vaitkevich from Pexels

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The net direct tax collections are at Rs 1,85,871 crore for the financial year 2021-22 compared to Rs 92,762 crore over the corresponding period of the preceding year, stated finance ministry.

As of June 15, the net direct tax collections increased by over 100.4 per cent compared to the collections of the preceding year.

The net direct tax collections include Corporation Tax (CIT) at Rs 74,356 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs 1,11,043 crore (net of refund).

Meanwhile, refunds amounting to Rs 30,731 crore have also been issued in the FY 2021-22 till date.

The gross collection of direct taxes (before adjusting for refunds) for the FY 2021-22 stands at Rs 2,16,602 crore compared to Rs 1,37,825 crore in the corresponding period of the preceding year. This includes CIT at Rs 96,923 crore and PIT including STT at Rs 1,19,197 crore, the ministry stated.

Minor head wise collection comprises advance tax of R. 28,780 crore, tax deducted at source of Rs1,56,824 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 heads of Rs 491 crore.

"Despite extremely challenging initial months of the new fiscal , the advance tax collections for the first quarter of the FY 2021-22 stand at Rs 28,780 crore against advance tax collections of Rs 11,714 crore for the corresponding period of the immediately preceding financial year, showing a growth of approximately 146 per cent," it stated. This comprises Corporation Tax CIT at Rs 18,358 crore and PIT at Rs 10,422 crore. This amount is expected to increase as further information is received from Banks.

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Published on: Wednesday, June 16, 2021, 05:20 PM IST
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