New Delhi: Net personal and corporate income tax collection has risen 74% to Rs 5.70 lakh crore so far this fiscal year, mainly thanks to advance payments of taxes and TDS.
The net direct tax levy (which is obtained after deduction of refunds from gross collection) between April 1 and September 22 was Rs 5,70,568 crore, an increase of 74.4% compared to Rs 3 , 27 lakh crore collected in the same period last fiscal year, the Central Commission for Direct Taxes (CBDT) said in a statement. This is a 27% growth from Rs 4.48 lakh crore collected in 2019-2020.
Gross direct tax collection to date stands at over Rs 6.45 lakh crore, a growth of 47% compared to Rs 4.39 lakh crore paid off during the corresponding period of the year former. The gross collection was 16.75% higher than the crore of Rs 5.53 lakh collected between April 1 and September 22 of the 2019-2020 fiscal year.
While over Rs 2.53 lakh crore was collected through advance tax, withholding tax (TDS) was paying off over Rs 3.19 lakh crore. Self-assessment tax worth Rs 41,739 crore, ordinary assessment tax of Rs 25,558 crore, dividend distribution tax of Rs 4,406 crore and Tax under other minor counts of Rs 1,383 crore was paid off.
“The cumulative anticipated tax revenue for the first and second quarters of fiscal year 2021-22 amounts to Rs 2,53,353 crore as of September 22, 2021, compared to anticipated tax revenues of Rs 1,620,037 for the corresponding period of the previous year. Fiscal year 2020-2021, showing growth of 56%, “the press release said.
Advance tax collection includes corporation tax (CIT) at Rs 1.96 lakh crore and personal income tax (PIT) at Rs 56,389 crore.
The gross CIT was Rs 3.58 lakh crore and the PIT was over Rs 2.86 lakh crore, while the net CIT was at Rs 3.02 lakh crore and the PIT was at Rs 2.67 lakh crore.
So far, repayments in the amount of Rs 75,111 crore have also been issued in fiscal year 2021-22.
The CBDT said that despite the extremely difficult first months of fiscal year 2021-22, the anticipated collection of taxes in the second quarter (July 1 to September 22, 2021) of fiscal year 2021-22 is Rs 1.72 lakh crore. , which shows a growth of 51.50 percent during the corresponding period of fiscal year 2020-21 when the advance tax collection was Rs 1.13 lakh crore.
Sandeep Jhunjhunwala, partner of Nangia Andersen LLP, said the companies, while not unscathed, were better prepared to ride the second wave.
“The significantly higher tax collection figures are a testament to the expected improvement in India’s economic growth rate. The 2020-21 fiscal year has been a unique year that has surprised taxpayers and governments around the world. Therefore, the 27% improvement in tax collection in fiscal year 2019-2020, when the economy was more stable than it is today, may be more reassuring than the improvement of 74%. , 4% compared to fiscal year 2020-21, when companies experienced a significant decline, ”he said.
Jhunjhunwala further said that the improvement in early tax collection compared to 2019-2020 shows a strong rebound.
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