Direct tax collection doubled till June 15

In the current financial year till June 15, Rs 185871 crore has been collected in the form of direct taxes which is 100.4 percent more than the direct tax collection of Rs 92,762 crore in the corresponding period of last year. The net collection of direct taxes includes Corporate Tax (CIT) of Rs 74,356 crore (after refund) and Personal Income Tax (PIT) including Securities Transaction Tax (STT) of Rs 1,11,043 crore (after refund).

The gross collection of direct taxes (before adjustment for refunds) in the financial year 2021-22 stood at Rs 2,16,602 crore as against Rs 1,37,825 crore in the corresponding period of the previous year. This includes Corporate Tax (CIT) of Rs 96,923 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) of Rs 1,19,197 crore. Advance tax of Rs 28,780 crore in small item-wise tax collection; TDS (tax deducted at source) of Rs 1,56,824 crore; self-assessment tax of Rs 15,343 crore; Regular Assessment Tax of Rs 14,079 crore; dividend distribution tax of Rs.1086 crore; and ‘tax under other small heads’ of Rs 491 crore.

Despite the very challenging initial months of the new financial year, advance tax collections in the first quarter of FY 2021-22 stood at Rs 28,780 crore, as compared to Rs 11,714 crore in the corresponding period of the previous financial year. showing an increase of about 146 percent. This includes corporate tax (CIT) of Rs 18,358 crore and personal income tax (PIT) of Rs 10,422 crore. This amount is expected to increase after getting more information from banks now.

Refunds amounting to Rs 30,731 crore have also been issued in the financial year 2021-22.