India’s direct tax collection grew by 51 per cent to Rs 2.8 lakh crore in the current quarter till June 15, as against Rs 1.85 lakh crore in the same period a year ago. Sources told CNBC-TV18 that the total advance tax collection during April 1 to June 15 grew by nearly 49 per cent year-on-year to Rs 42,680 crore from Rs 28,779 crore a year ago.
The total advance tax collection during April 1, June 15, 2022 had grown by nearly 45 per cent to Rs 28,779 crore. In advance taxes, corporate tax had increased by 45 per cent to Rs 26,798 crore during the current quarter, sources said, from Rs 18,357 crore in the year-ago period.
He said the advanced personal income tax registered a 52 per cent increase to Rs 15,881 crore as compared to Rs 10,422 crore a year ago.
Region-wise, Cochin registered a growth of 134 per cent in direct tax collection, Mumbai witnessed a growth of 60 per cent and Delhi witnessed a growth of 57 per cent. Sources told CNBC-TV18 that direct tax collections from Bengaluru also witnessed a rise of 57 per cent during April 1 to June 15 as compared to the same period last year.
Net direct tax collection (income tax and corporate tax) reached an all-time high of Rs 14.09 lakh crore in FY 2021-22 as against collection of Rs 9.45 lakh crore in FY 2020-21. The Gross Direct Tax collection (before adjustment for refunds) for 2021-22 stood at Rs 16,34,454.95 crore as compared to Rs 12,31,270.52 crore in 2020-21, registering a growth of 32.75 per cent.
Apart from direct tax collection, GST collection The amount hit Rs 1,40,885 crore in May, a jump of 44 per cent year-on-year. However, this was a drop of 16 per cent as compared to the GST collection in April. The gross GST revenue collected in May 2022 was Rs 1,40,885 crore, of which CGST is Rs 25,036 crore, SGST is Rs 32,001 crore, IGST is Rs 73,345 crore (including Rs 37469 crore collected on import of goods) and cess is Rs 10,502. crore (including Rs.931 crore collected on import of goods).
This was only the fourth time that the monthly GST collection crossed the Rs 1.40 lakh crore mark since the inception of GST and the third consecutive month since March 2022. “The revenue for the month of May 2022 is 44 per cent higher than that. Last year in the same month, the GST revenue was Rs 97,821 crore. During the month, revenue from imports of goods was 43 per cent higher and revenue from domestic transactions (including import of services) was 44 per cent higher than revenue from these sources during the same month last year.
The Gross GST Revenue collected in the month of May 2022 is Rs 1,40,885 crore, which includes CGST Rs 25,036 crore, SGST Rs 32,001 crore, IGST Rs 73,345 crore (including Rs 37469 crore collected on import of goods) and Cess. Rs 10,502 crore (including Rs 931 crore collected on import of goods).
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