Gross direct tax collections have risen 47 per cent year-on-year to Rs 6.45 lakh crore throughout April 1-September 22 this yr with web direct tax collections rising 74.4 per cent year-on-year to Rs 5.7 lakh crore, the Finance Ministry stated in an announcement on Friday. Advance tax mop-up additionally registered a 56.4 per cent development to Rs 2.53 lakh crore throughout the identical interval, indicating a pickup in financial restoration after the influence of the primary wave of Covid-19 pandemic final yr and a higher compliance by larger companies.
Advance tax assortment within the July-September quarter of 2021-22 monetary yr is Rs 1,72,071 crore, up 51.5 per cent over the corresponding interval final fiscal.
Net direct tax collections, that are the tax collections after adjusting for refunds, stood at Rs 5,70,568 crore within the present fiscal up to now (until September 22). This contains Corporation Tax (CIT) at Rs 3.02 lakh crore and Personal Income Tax (PIT) at Rs 2.67 lakh crore.
“The net collection (as on 22.09.2021) in FY 2021-22 has registered a growth of 27 per cent over FY 2019-20 when the net collection was Rs 4,48,976 crore,” the ministry stated. In the 2020-21 monetary yr, the online assortment was over Rs 3.27 lakh crore.
The gross assortment was 16.75 per cent increased than Rs 5.53 lakh crore collected in 2019-20 fiscal (April-September 22). Gross company revenue tax mop-up was Rs 3.58 lakh crore and private revenue tax assortment was over Rs 2.86 lakh crore. Refunds amounting to Rs 75,111 crore have additionally been issued up to now this fiscal yr.
“Despite extraordinarily difficult preliminary months of the fiscal yr 2021-22, the Advance Tax assortment within the second quarter (1st July, 2021 to twenty second September, 2021) of FY 2021-22 is Rs 1,72,071 crore which exhibits a development of 51.50 per cent over the corresponding interval in FY 2020-21 when the Advance Tax assortment was
Rs 1,13,571 crore,” the ministry stated. Compared with FY 2019-20, the advance tax collections have grown 14.62 per cent, it stated.
The advance tax assortment of Rs 2.53 lakh crore until September consists of Corporation Tax at Rs 1,96,964 crore and Personal Income Tax at Rs 56,389 crore. This quantity is anticipated to extend as additional info is awaited from banks, the ministry stated.
Sandeep Jhunjhunwala, Partner, Nangia Andersen LLP stated companies, though not unscathed, had been higher ready to experience this wave. “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.”
