Direct tax collections for the period 2021-22, as on December 16, show that net collection is Rs.9.45 crore as compared to Rs.5.88 crore during the period last year, which is an increase of 60.8 per cent.

The Finance Ministry said on Friday that advance tax collection increased by 53.50 per cent to Rs 4.60 crore so far this fiscal year, indicating a recovery in the economy.

The ministry said in a statement that direct tax collections for the period 2021-22, as on December 16, show that net collection amounted to Rs 9.45 thousand crore compared to Rs 5.88 crore during the period last year, which is an increase of 60.8 per cent. .

“Net collection (as on December 16) in FY22 recorded a growth of 40% compared to the corresponding period of the previous year when net collection was Rs 6,75,409.5 crore, and a growth of 40.93% during the corresponding period of 2018-19 when net collection was Collection Rs 6,70,739.1 crore”.

The cumulative tax collections for the first, second and third quarters of 2021-22 are Rs 4,59,917.1 crore as on December 16, 2021, as against advance tax collections of Rs 2,99,620.5 crore for the corresponding period of 2020-21, showing a growth of around 53.5 per cent. .

Moreover, it shows a growth of 44.21 per cent during the corresponding period in 2019-20 when advance tax collection (cumulative) was Rs 3.19 crore and a growth of 49.76 per cent during the same period in 2018-2019.

The advance tax figure as on December 16, 2021 comprises of Corporate Tax (CIT) of Rs 3,49,045.4 crore and Personal Income Tax (PIT) of Rs 1,10,871.7 crore.

She added that this amount is expected to rise as more information is awaited from the banks.

The last date for paying the third installment of tax in advance is December 15 of each year.

Net collection of direct tax was Rs 9,45,276.6 crore including income tax estimated at Rs 5,15,870.5 crore (net refunded) and PIT including security transaction tax (STT) of Rs 4,29,406.1 crore Rs (after deducting the refund).

“Total direct tax collection (before adjusting for refunds) for the period 2021-22 (as at 16.12.2021) is Rs 10,037 crore as compared to Rs 733,715.2 crore in the corresponding period of the previous financial year. The total collection for 2019-20 crore is Rs. 8,34,398 and that for the period 2018-2019 was Rs 7,96,342 crore in the corresponding period.”

Gross collection of Rs 10,037 crore includes CIT of Rs 6,05,652.6 crore and PIT including Security Transaction Tax (STT) of Rs 4,74,717.6 crore.

Basic Small Collection includes advance tax of Rs 4,59,917.1 crore, tax deduction at source Rs 4,93,171.7 crore, self-assessment tax of Rs 74,336.2 crore; Ordinary appraisal tax of Rs 44,028.7 crore; It said dividend tax of Rs 6,525.9 crore and tax under other secondary capitals of Rs 2,390.6 crore.

Refunds of up to Rs 1,35,093.6 crore have also been issued in 2021-22 so far.

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