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Wednesday, February 1, 2023

Direct Income Tax Collection Increases By 100% In Last 12 Months! Rs 1.86 Lakh Cr Tax Collected

The Ministry of Finance announced on Wednesday that, for the financial year 2021-22, the net direct tax revenues by the Centre for the financial year 2021-22 have surpassed over Rs 1.85 lakh crore.

Considering the disruptions to the economy caused by the Covid-19 pandemic, these results are extraordinary. Despite the economic slump, the net direct tax collection grew robustly during the period.

Centre’s Tax Collection for FY 2021-22

The official declaration issued by the finance ministry shows that as of June 15, the government’s net direct tax collection for the financial year 2021-22 has topped itself.

The net collections have more than multiplied its count compared to last year’s tax collections for this period.

For FY 2021-22, it will be Rs 1,85,871 crore, compared to Rs 92,762 crore last year (same period).
Consequently, the Centre’s net direct tax revenue in the last 12 months has increased by 100.4% over the previous year’s collections.

The TOI reports that the direct tax collections include corporate tax at Rs 74,356 crore and personal income tax, including the security transaction tax, at Rs 1.11 crore.

Defining a 146% increase from the previous year, the advance tax collections for the first quarter of 2016 were Rs 28,780 crore instead of Rs 11 714 crores in the previous year. Further, the Centre has issued refunds of Rs 30,731 crore in the fiscal year 2022.

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