Net direct tax collections surge 61% to ₹9.45L crore till Dec 16

India’s net direct tax collections for the financial year 2021-22 surged 60.8% at ₹9,45,276.6 crore as on December 16, 2021 compared to ₹5,87,702.9 crore in the corresponding period of 2020-21, an official statement said.

While the previous fiscal year had seen a devastating impact of Covid-19 on tax collections, the net direct tax revenue in the current financial year is significantly higher even compared to non-Covid years that exhibit a robust economic recovery post-pandemic.

“The net collection in FY 2021-22 has registered a growth of 40% over the corresponding period of FY 2019-20 when the net collection was ₹6,75,409.5 crore, and a growth of 40.93% over the corresponding period of FY 2018-19 when the net collection was ₹6,70,739.1 crore,” it said in a statement. The net direct tax collection of ₹9,45,276.6 crore includes corporation income tax (CIT) at ₹5,15,870.5 crore and personal income tax (PIT) including security transaction tax (STT) at ₹4,29,406.1 crore, it said. Net collections are computed after refunds.

The gross direct tax collections for 2021-22 (as on December 16, 2021), which is before adjusting for refunds, stands at ₹10,80,370.2 crore compared to ₹7,33,715.2 crore in the corresponding period of the previous financial year. The comparative gross collections up to December 16 in the current fiscal is also higher than the corresponding period of non-Covid years- ₹8,34,398 crore in 2019-20 and ₹7,96,342 crore in 2018-19. The gross collection of ₹10,80,370.2 crore includes CIT at ₹6,05,652.6 crore and PIT, including STT at ₹4,74,717.6 crore, it said.

Minor head wise collection as on December 16, 2021 comprises advance tax of ₹4,59,917.1 crore, TDS of ₹4,93,171.7 crore, self-assessment tax of ₹74,336.2 crore among others, under the other minor heads of ₹2390.6 crore, it said.