Net Direct Tax Collections Mop-up Surges 45% To Over Rs 3.39 lakh crore Till Mid-Jun, Momentum Sustains After Record Tax Collections In FY 22

Reflecting an uptick in economy, net direct tax collections between April and mid-June jumped 45 per cent to over Rs 3.39 lakh crore, the Income Tax department said on Friday.

The IT department has also said the advance tax collection topped ₹1 lakh crore, registering 33 per cent growth.

The Department said that the net collections stood at ₹3.39 lakh crore compared to ₹ 2.33 lakh crore during the same period last year, representing a growth of 45 per cent

The net direct tax collection of over Rs 3.39 lakh crore included Corporation Tax (CIT) of over Rs 1.70 lakh crore and Personal Income Tax (PIT), including Security Transaction Tax (STT), of more than Rs 1.67 lakh crore.

''The figures of direct tax collections for the financial year 2022-23, as on June 16, 2022, show that net collections are at Rs 3,39,225 crore compared to Rs 2,33,651 crore over the corresponding period of the preceding year, representing an increase of 45 per cent over the collections of the preceding year,'' the Central Board of Direct Taxes (CBDT) said.

The collection has registered a growth of 171 per cent as compared to the corresponding period of 2020-21 when it stood at Rs 1.25 lakh crore, and 103 per cent over Rs 1.67 lakh crore collected during the same period of 2019-20.

The gross collections grew 40 per cent to over Rs 3.69 lakh crore till June 16. The collection in the same period last year was over Rs 2.64 lakh crore.

Gross collection included refunds of Rs 30,334 crore.

The advance tax collections for the first quarter this fiscal stood at over Rs 1.01 lakh crore against Rs 75,783 crore in the corresponding period last fiscal, witnessing a growth of more than 33 per cent.

This comprises CIT at Rs 78,842 crore and PIT at Rs 22,175 crore.

The TDS collections at over Rs 2.29 lakh crore was 46 per cent higher than Rs 1,57,434 crore realised during the corresponding period of the preceding financial year.

Self-assessment tax collection was recorded at Rs 21,849 crore, 41 per cent up from Rs 15,483 crore collected in the year-ago period.

In the last fiscal ended March 31, 2022, India's net direct tax collections (income tax and corporate tax) reached an all time high of Rs 14.09 lakh crore in financial year 2021-22 against Rs 9.45 lakh crore collections in FY 2020-21.

In the last fiscal year FY 22, direct taxes grew by 49 per cent. The tax-to-GDP ratio in FY22 jumped to 11.7 percent, the highest since 1999. In FY21, the ratio was 10.3 per cent. Overall tax collections soared to a record high of ₹27.07 lakh crore last year, compared with the Budget estimate of ₹22.17 lakh crore.

In the latest budget, Finance Minister Nirmala Sitharaman pegged direct tax collection at ₹14.20 lakh crore for FY23. This includes Rs 7.20 lakh crore from corporate taxes and Rs 7 lakh crore from individual taxpayers.

(With inputs from PTI)