New Delhi: Net personal income and corporate tax collection so far this fiscal has grown by 74 per cent to Rs 5.70 lakh crore, mainly on account of advance tax and TDS payment.
Net direct tax collection (which is calculated after deducting refunds from gross collections) between April 1 and September 22 stood at Rs 5,70,568 crore, a 74.4 per cent increase over Rs 3.27 lakh crore collected in the same period of the previous financial year. . central board direct tax (CBDT) said in a statement. This is 27 per cent more than the Rs 4.48 lakh crore collected in 2019-20.
gross direct tax collection The current financial year so far is over Rs 6.45 lakh crore, which is 47 per cent higher than Rs 4.39 lakh crore in the corresponding period last year.
Gross collection was 16.75 per cent higher than Rs 5.53 lakh crore collected between 1-September 22 of FY 2019-20.
While over Rs 2.53 lakh crore has been collected through advance tax, the tax deducted at source (TDS) collection was over Rs 3.19 lakh crore.
Self-assessment tax of 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 have been removed.
“The cumulative advance tax collection for the first and second quarter of the financial year 2021-22 is Rs 2,53,353 crore as on September 22, 2021 as against the advance tax collection of Rs 1,62,037 crore for the corresponding period of the immediate preceding Showing a growth of 56 percent in the financial year i.e. 2020-21.”
The advance tax collection includes corporation tax (CIT) of Rs 1.96 lakh crore and personal income tax (PIT) of Rs 56,389 crore.
Gross CIT collection was Rs 3.58 lakh crore and PIT was over Rs 2.86 lakh crore, while net CIT was Rs 3.02 lakh crore and PIT was Rs 2.67 lakh crore.
So far in the financial year 2021-22, refunds of Rs 75,111 crore have also been issued.
CBDT said that despite extremely challenging initial months of financial year 2021-22, advance tax collection in the second quarter of financial year 2021-22 (July 1 to September 22, 2021) stands at Rs 1.72 lakh crore, showing an increase of Rs. . 51.50 per cent in the same period in the financial year 2020-21 when the advance tax collection was Rs 1.13 lakh crore.
Nangia Anderson LLP partner Sandeep Jhunjhunwala said businesses, though not unheard of, were better prepared to ride the second wave.
“The significantly higher tax collection numbers testify to the projected improvement in India’s economic growth rate. FY 2020-21 was a year that took taxpayers and governments across the world by surprise. Hence, a 27 per cent tax improvement in FY19 Collections from -20, when the economy was more stable than today, may be more reassuring than the 74.4 per cent improvement from FY 2020-21, when businesses experienced a significant decline,” he said.
Jhunjhunwala further said that the improvement in advance tax collection in 2019-20 shows a strong bounce.
Net direct tax collection (which is calculated after deducting refunds from gross collections) between April 1 and September 22 stood at Rs 5,70,568 crore, a 74.4 per cent increase over Rs 3.27 lakh crore collected in the same period of the previous financial year. . central board direct tax (CBDT) said in a statement. This is 27 per cent more than the Rs 4.48 lakh crore collected in 2019-20.
gross direct tax collection The current financial year so far is over Rs 6.45 lakh crore, which is 47 per cent higher than Rs 4.39 lakh crore in the corresponding period last year.
Gross collection was 16.75 per cent higher than Rs 5.53 lakh crore collected between 1-September 22 of FY 2019-20.
While over Rs 2.53 lakh crore has been collected through advance tax, the tax deducted at source (TDS) collection was over Rs 3.19 lakh crore.
Self-assessment tax of 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 have been removed.
“The cumulative advance tax collection for the first and second quarter of the financial year 2021-22 is Rs 2,53,353 crore as on September 22, 2021 as against the advance tax collection of Rs 1,62,037 crore for the corresponding period of the immediate preceding Showing a growth of 56 percent in the financial year i.e. 2020-21.”
The advance tax collection includes corporation tax (CIT) of Rs 1.96 lakh crore and personal income tax (PIT) of Rs 56,389 crore.
Gross CIT collection was Rs 3.58 lakh crore and PIT was over Rs 2.86 lakh crore, while net CIT was Rs 3.02 lakh crore and PIT was Rs 2.67 lakh crore.
So far in the financial year 2021-22, refunds of Rs 75,111 crore have also been issued.
CBDT said that despite extremely challenging initial months of financial year 2021-22, advance tax collection in the second quarter of financial year 2021-22 (July 1 to September 22, 2021) stands at Rs 1.72 lakh crore, showing an increase of Rs. . 51.50 per cent in the same period in the financial year 2020-21 when the advance tax collection was Rs 1.13 lakh crore.
Nangia Anderson LLP partner Sandeep Jhunjhunwala said businesses, though not unheard of, were better prepared to ride the second wave.
“The significantly higher tax collection numbers testify to the projected improvement in India’s economic growth rate. FY 2020-21 was a year that took taxpayers and governments across the world by surprise. Hence, a 27 per cent tax improvement in FY19 Collections from -20, when the economy was more stable than today, may be more reassuring than the 74.4 per cent improvement from FY 2020-21, when businesses experienced a significant decline,” he said.
Jhunjhunwala further said that the improvement in advance tax collection in 2019-20 shows a strong bounce.
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