At Rs 13.63L cr, direct tax mop-up beats RE by over Rs 1L cr; historic excessive: CBDT
The authorities has collected Rs 13.63 lakh crore as direct taxes for FY22 until Wednesday, a brand new excessive for the Income Tax Department, as per knowledge launched Thursday.
Revenue from direct taxes, together with private and company revenue taxes, jumped over 48 per cent within the present fiscal after a 41 per cent surge prematurely tax funds. The internet direct tax assortment quantity — as of March 16 — is Rs 13.63 lakh crore as towards Rs 11.18 lakh crore in 2018-19, Rs 10.28 lakh crore in 2019-20 and Rs 9.24 lakh crore in 2020-21.
“If you look at the gross numbers, it is today Rs 15.50 lakh crore which is more by 38.3 per cent of 2020-21, more by 36.6 per cent of 2019-20, more by 32.7 per cent of 2018-19. We have never entered gross collection wise beyond Rs 12.79 lakh crore. This year, we have entered into Rs 15 lakh crore gross numbers which also is a historic high for the department,” Central Board of Direct Taxes (CBDT) Chairman JB Mohapatra informed information company PTI.
Net direct tax collections till March 16 had been at Rs 13.63 lakh crore, towards Rs 9.18 lakh crore within the year-ago interval, the CBDT mentioned. The internet collections in direct taxes — made up of revenue tax on particular person revenue, company tax on income of firms, property tax, inheritance tax and reward tax — within the present fiscal is 35 per cent greater than the gathering of Rs 9.56 lakh crore within the pre-pandemic 12 months of 2019-20.
Advance tax collections, the fourth installment of which was due on March 15, rose to Rs 6.62 lakh crore, up 40.75 per cent, the CBDT mentioned, including refunds aggregating to Rs 1.87 lakh crore have been issued this fiscal.
Almost 53 per cent of all direct tax assortment was from company tax, whereas 47 per cent got here from private revenue tax, together with securities transaction tax (STT) on shares.
The direct tax mop-up exceeded the Budget Estimate (BE) of Rs 11.08 lakh crore and Revised Estimate (RE) of Rs 12.50 lakh crore offered within the 2022-23 Budget by Finance Minister Nirmala Sitharaman on February 1.
The gross assortment for FY20 was Rs 11,34,706.3 crore and that for FY19 was Rs 11,68,048.7 crore. The gross assortment contains company revenue tax of Rs 8,36,838.2 crore and private revenue tax of Rs 7,10,056.8 crore.
The cumulative advance tax collections for this fiscal stood at Rs 6,62,896.3 crore as on March 16, in comparison with Rs 4,70,984.4 crore for the corresponding interval of the previous fiscal. This was 50.5 per cent greater than Rs 4,40,281.4 crore advance tax assortment in 2019-20 and 31 per cent greater than Rs 5,06,714.2 crore mopped up in 2018-19.
