Net direct tax collection up 74.4% to Rs 5.7 lakh crore till Sept 22: FinMin

Net direct tax collection in FY22 till September 22, 2021, has risen 74.4 per cent to Rs 5,70,568 crore, compared to Rs 3,27,174 crore in the corresponding period of FY21, the Finance Ministry data shows. The net collection data as of September 22 is up 27 per cent over FY20 when it stood at Rs 4,48,976 crore during the same period.

The direct tax collection of Rs 5.7 lakh crore includes corporation tax (CIT) of Rs 3,02,975 crore and personal income tax (PIT) including security transaction tax (STT) of Rs 2,67,593 crore.

The gross collection of direct taxes, before adjusting for refunds, for FY22 so far has grown 47 per cent to Rs 6,45,679 crore vs Rs 4,39,242 crore during the same period last year, the ministry data shows. The gross collection in FY22 so far has risen 16.75 per cent over FY20 when it was Rs 5,53,063 crore.

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"Despite extremely challenging initial months of the fiscal year 2021-22, the advance tax collection in the second quarter (1st July 2021, to 22nd September 2021) of FY 2021-22 is Rs 1,72,071 crore, which shows a growth of 51.50 per cent over the corresponding period in FY 2020-21 when the advance tax collection was Rs 1,13,571 crore," the ministry said.

The cumulative advance tax collection for Q1 and Q1 of FY22, comprising corporation tax and personal income tax, stands at Rs 2,53,353 crore till September 22 so far. This is against advance tax collections of Rs 1,62,037 crore during the same period last year, a growth of 56 per cent. As compared to FY20 figures, the advance tax collection is up 14.62 per cent.

"Refunds amounting to Rs 75,111 crore have also been issued in the FY 2021-22 so far," the ministry said.

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