Total direct tax collection (before refunds) was Rs 10.8 crore as on December 16, 2021, showing a growth of 47% YoY and 29% compared to the period in FY 2020.

Buoyed by a revival of economic activities and better compliance, Union Government direct tax collections from corporations, LLCs and individuals were up 50% YoY to around Rs 2.1 crore in Q3 FY22, even as the preferred base effect waned. It grew 51.5% year-over-year in Q2 FY22, on a relatively low basis. As of December 16 of the current fiscal year, the genocide (post-recoveries) amounted to Rs.9.45 thousand crore, up around 61% year-on-year, up 40% over the same period in fiscal 2020 and 41% over the same period. The period is in fiscal year 2019. The deadline to pay third-quarter taxes is December 15, although some payments will continue to flow for a few more days.

Direct tax groups, which account for about 85% of the FY22 target of Rs 11.08 crore, are poised to miss the target by a decent margin.

Cumulative advance tax collections up to December quarter of FY22 was Rs 4.6 crore (as on Dec 16) compared to around Rs 3 crore a year ago, showing a year-over-year growth of 53.5%. Cumulative collection of advance taxes through the December quarter of FY22 was 44% higher than in the corresponding period in FY20 and 50% higher during the period in FY19.

Total direct tax collection (before refunds) was Rs 10.8 crore as on December 16, 2021, showing a growth of 47% YoY and 29% compared to the period in FY 2020.

Gross collection includes Corporate Tax (CIT) of Rs 6.06 crore and Personal Income Tax (PIT), including Security Transaction Tax (STT), of Rs 4.75 crore. Small capital collection includes advance tax of Rs 4.6 crore, tax deduction at source of Rs 4.93 crore and self-assessment tax of Rs 74,336 crore; Ordinary Appreciation Tax of Rs 44,029 crore; Dividend tax of Rs 6,526 crore and tax under other secondary capitals of Rs 2,391 crore.

The consolidated refunds of Rs 1.35 crore have been issued so far in the current financial year.

Financial Express Telegram Financial Express is now available on Telegram. Click here to join our channel And stay up-to-date with the latest Biz news and updates.

Source link

By admin

Leave a Reply

Your email address will not be published.