Net direct tax collections for FY 2021-22 rise over 74% to Rs 5.7 lakh crore

The Centre on Friday informed that the Gross Direct Tax collections for the Financial Year 2021-22 had registered a growth of 47 per cent.

In a statement, the Finance Ministry informed that on September 22, the Direct Tax collections for the financial year 2021-22 showed an increase in net collections by 74.4% to Rs 5,70,568 crore. The net collections in the corresponding period in the last financial year stood at Rs 3,27,174 crore.

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Direct taxes primarily refer to taxes on income or wealth. Examples of direct taxes include income tax, property tax, corporation tax and inheritance tax.

The gross collection of Direct Taxes (before adjusting for refunds) for the FY 2021-22 stands at Rs 6,45,679 crore compared to Rs 4,39,242 crore in the corresponding period of the preceding financial year, registering a growth of 47% over collections of the last financial year.

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The gross collection includes Corporation Tax of Rs 3,58,806 crore and Personal Income Tax of Rs 2,86,873 crore. 

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The Finance Ministry informed that as of September 22 the Advance Tax collections for the FY 2021-22 stand at Rs 2,53,353 crore, an increase of 56 per cent.

Despite the extremely challenging initial months of FY 2021-22, the Advance Tax collection in the second quarter showed a growth of 51.50 per cent over the corresponding period in the last financial year.

The government also informed that refunds to the tune of Rs 75,111 crore had been issued so far in this financial year.

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