Advance Tax collections for the F.Y. 2021-22 (Till 3rd Installment) stand at ₹ 4,59,917.10 crore as on 16.12.2021 which shows a growth of approximately 53.50%

Net Direct Tax collections for the F.Y. 2021-22 grown at robust pace at more than 60%

Refunds aggregating to ₹ 1,35,093.6 crore issued in the current fiscal

The figures of Direct Tax collections for the Financial Year 2021-22, as on 16.12.2021 show that net collections are at ₹ 9,45,276.6 crore compared to ₹ 5,87,702.9 crore over the corresponding period of the preceding financial year i.e FY 2020-21, representing an increase of 60.8%. The net collection (as on 16.12.2021) in FY 2021-22 has registered a growth of 40% over the corresponding period of FY 2019-20 when the net collection was ₹ 6,75,409.5 crore, and a growth of 40.93% over the corresponding period of FY 2018-19 when the net collection was ₹ 6,70,739.1 crore.

The Net Direct Tax collection of ₹ 9,45,276.6 crore (as on 16.12.2021) include Corporation Tax (CIT) at ₹ 5,15,870.5 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) at ₹ 4,29,406.1 crore (net of refund).

The gross collection of Direct Taxes (before adjusting for refunds) for the F.Y. 2021-22 (as on 16.12.2021) stands at ₹ 10,80,370.2 crore compared to ₹ 7,33,715.2 crore in the corresponding period of the preceding financial year. The gross collection for the F.Y. 2019-20 was ₹ 8,34,398 crore and that for F.Y. 2018-19 was ₹ 7,96,342 crore in the corresponding period.

The gross collection of ₹ 10,80,370.2 crore includes Corporation Tax (CIT) at ₹ 6,05,652.6 crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at ₹ 4,74,717.6 crore. Minor head wise collection (as on 16.12.2021) comprises Advance Tax of ₹ 4,59,917.1 crore, Tax Deducted at Source of ₹ 4,93,171.7 crore, Self-Assessment Tax of ₹ 74,336.2 crore; Regular Assessment Tax of ₹ 44,028.7 crore; Dividend Distribution Tax of ₹ 6,525.9 crore and Tax under other minor heads of ₹ 2390.6 crore.

The cumulative Advance Tax collections for the first, second and third quarter of the F.Y. 2021-22 stand at ₹ 4,59,917.1 crore as on 16.12.21, against Advance Tax collections of ₹ 2,99,620.5 crore for the corresponding period of the immediately preceding Financial Year i.e 2020-21, showing a growth of 53.5%(approx). Further, the cumulative Advance tax collection of ₹ 4,59,917.1 crore as on 16.12.2021 (FY 2021-22) shows a growth of 44.21% over the corresponding period in FY 2019-20 when the advance tax collection(cumulative) was ₹ 3,18,929.4 crore and a growth of 49.76 % over the corresponding period in FY 2018-19 when the advance tax collection(cumulative) was ₹ 3,07,096.3 crore.

The Advance tax figure of ₹ 4,59,917.1 crore as on 16.12.2021 comprises Corporation Tax (CIT) at ₹ 3,49,045.4 crore and Personal Income Tax (PIT) at ₹ 1,10,871.7 crore. This amount is expected to increase as further information is awaited from Banks.

Refunds amounting to ₹ 1,35,093.6 crore have also been issued in the F.Y. 2021-22 so far.

Advance Tax collections show significant year-on-year growth, indicating stronger direct tax receipts and higher compliance. Advance Tax collections for FY 2021-22 (cumulative through the third instalment as on 16.12.2021) have increased substantially versus prior years, with the Advance Tax figure comprising Corporation Tax and Personal Income Tax components and subject to upward revision pending further bank information. Gross and net direct tax receipts for the period are materially higher than corresponding periods in FY 2020-21, FY 2019-20 and FY 2018-19, while refunds of Rs. 1,35,093.6 crore have been issued in the current fiscal, affecting net realisation.