19
October 2021 - 7:52 am IST

Policy

Net direct tax mop-up grows 74% at Rs 5.70 lakh cr so far this fiscal

Net direct tax mop-up grows 74% at Rs 5.70 lakh cr so far this fiscal

Published:24 September 2021

The gross direct tax collection so far this fiscal stands at over Rs 6.45 lakh crore, a 47 per cent growth over Rs 4.39 lakh crore mopped up in the corresponding period of the preceding year. The gross collection was 16.75 per cent higher than Rs 5.53 lakh crore collected between April 1-September 22 of 2019-20 fiscal.

New Delhi | The net personal income and corporate taxes collection grew 74 per cent to Rs 5.70 lakh crore so far this fiscal, driven mainly by advance tax and TDS payments.
The mop up of net direct tax (which is arrived at after deducting refunds from gross collection) between April 1-September 22 was at Rs 5,70,568 crore, a 74.4 per cent growth over Rs 3.27 lakh crore collected in the same period last fiscal, the Central Board of Direct Taxes (CBDT) said in a statement. It is 27 per cent growth over Rs 4.48 lakh crore collected in 2019-20.
The gross direct tax collection so far this fiscal stands at over Rs 6.45 lakh crore, a 47 per cent growth over Rs 4.39 lakh crore mopped up in the corresponding period of the preceding year. The gross collection was 16.75 per cent higher than Rs 5.53 lakh crore collected between April 1-September 22 of 2019-20 fiscal.
While over Rs 2.53 lakh crore has been collected through advance tax, Tax Deducted at Source (TDS) mop-up was over Rs 3.19 lakh crore. Self-assessment tax worth Rs 41,739 crore, regular assessment tax of Rs 25,558 crore, dividend distribution tax of Rs 4,406 crore and tax under other minor heads of Rs 1,383 crore has been mopped up.
"The cumulative advance tax collections for the first and second quarter of the FY 2021-22 stand at Rs 2,53,353 crore as on September 22, 2021, against advance tax collections of Rs 1,62,037 crore for the corresponding period of the immediately preceding financial year i.e 2020-21, showing a growth of 56 per cent," the statement said.
The advance tax collection comprises corporation tax (CIT) at Rs 1.96 lakh crore and personal income tax (PIT) at Rs 56,389 crore.
The gross CIT mop up was Rs 3.58 lakh crore and PIT was over Rs 2.86 lakh crore, while net CIT was at Rs 3.02 lakh crore and PIT was at Rs 2.67 lakh crore.
Refunds amounting to Rs 75,111 crore have also been issued in the FY 2021-22 so far.
The CBDT said that despite extremely challenging initial months of the fiscal year 2021-22, the advance tax collection in the second quarter (July 1 to September 22, 2021) of FY 2021-22 is Rs 1.72 lakh crore, which shows a growth of 51.50 per cent over the corresponding period in FY 2020-21 when the advance tax collection was Rs 1.13 lakh crore.
Nangia Andersen LLP Partner Sandeep Jhunjhunwala said businesses, although not unscathed, were better prepared to ride the second wave.
"The significantly higher tax collection numbers bear proof of the projected improvement in India's economic growth rate. FY 2020-21 was a one of a kind year that caught taxpayers and governments across the world by surprise. Therefore, the 27 per cent improvement in tax collection from FY 2019-20, when the economy was more stable than it is today, may be more reassuring than the 74.4 per cent improvement from FY 2020-21 when businesses experienced a significant dip," he said.
Jhunjhunwala further said that the improvement in advance tax collection over 2019-20 demonstrates a strong bounce back. 


Links

Sign up for Newsletter



Tags

Download Apps

Google Play App Store
  • |
  • |
  • |
  •  

© Copyright Metro vaartha 2018 All rights reserved. designed by : Tedsys

top