Business

Net Direct Tax Collections rise 74.4% to over Rs. 5.70 lakh crore till 22nd Sept in FY 2021-22

The Direct Tax collections for the Financial Year 2021-22, as on 22nd of this month shows that net collections are at 5 lakh 70 thousand 568 crore rupees which is an increase of 74.4 per cent.

In the last financial year, the net collection was 3 lakh 27 thousand 174 crore rupees.

The Net Direct Tax collection of 5 lakh 70 thousand 568 crore rupees includes Corporation Tax of 3 lakh 2 thousand 975 crore rupees net of refund and Personal Income Tax including Security Transaction Tax of 2 lakh 67 thousand 593 crore rupees.

Despite extremely challenging initial months of the fiscal year 2021-22, the Advance Tax collection in the second quarter 1st July, 2021 to 22nd September, 2021 is 1 lakh 72 thousand 71 crore rupees which shows a growth of 51.50 per cent over the corresponding period when the Advance Tax collection was 1 lakh 13 thousand 571 crore rupees.

Refunds amounting to 75 thousand 111 crore rupees ave also been issued in the Financial Year 2021-22 so far.

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