Net Direct Tax collections for the Financial Year 2021-22 have grown at over 100%

Advance Tax collections for F.Y. 2021-22 stand at ₹ 28,780 crore which shows a growth of approximately 146%

Net Direct Tax collections for the F.Y. 2021-22 have grown at a robust pace despite the disruption caused by the COVID-19 pandemic on the economy

Refunds amounting to ₹ 30,731 crore have been issued in the F.Y. 2021-22

The figures of Direct Tax collections for the Financial Year 2021-22, as on 15.06.2021 show that net collections are at ₹ 1,85,871 crore compared to ₹ 92,762 crore over the corresponding period of the preceding year, representing an increase of 100.4% over the collections of the preceding year.  The net Direct Tax collections include Corporation Tax (CIT) at ₹ 74,356 crore (net of refund) and Personal Income Tax(PIT) including Security Transaction Tax (STT) at ₹ 1,11,043 crore (net of refund).

The Gross collection of Direct Taxes(before adjusting for refunds) for the F.Y.  2021-22 stands at ₹ 2,16,602 crore compared to ₹ 1,37,825 crore in the corresponding period of the preceding year. This includes Corporation Tax(CIT) at ₹ 96,923 crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) at ₹ 1,19,197 crore. Minor head wise collection comprises Advance Tax of ₹ 28,780 crore, Tax Deducted at Source of ₹ 1,56,824 crore, Self-Assessment Tax of ₹ 15,343 crore; Regular Assessment Tax of ₹ 14,079 crore; Dividend Distribution Tax of ₹ 1086 crore and Tax under other minor heads of ₹ 491 crore.

Despite extremely challenging initial months of the new Fiscal , the Advance Tax collections for the first quarter of the F.Y. 2021-22 stand at ₹ 28,780 crore against Advance Tax collections of ₹ 11,714 crore for the corresponding period of the immediately preceding Financial Year, showing a growth of approximately 146%. This comprises Corporation Tax (CIT) at ₹ 18,358 crore and Personal Income Tax (PIT) at ₹ 10,422 crore. This amount is expected to increase as further information is received from Banks.

Refunds amounting to ₹ 30,731 crore have also been issued in the F.Y. 2021-22.

Net direct tax collections surge, driven by higher corporation and personal income tax receipts and increased advance tax payments. Net Direct Tax collections for the Financial Year 2021-22 increased by over 100%, with net receipts at Rs. 1,85,871 crore comprising Corporation Tax and Personal Income Tax (including Security Transaction Tax). Gross direct tax collections stood at Rs. 2,16,602 crore before refunds, with major components including Tax Deducted at Source, Self Assessment Tax, Regular Assessment Tax and Dividend Distribution Tax. Advance Tax collections for the first quarter rose substantially versus the prior year, and refunds have been issued and netted against gross collections.