Direct tax collection increases by 40% in fiscal year 22 until mid-December

NEW DELHI: Direct tax collections soared more than 40% to nearly Rs 9.5 lakh crore (on a net basis) through mid-December, hinting that government may close the year with higher cleaning than expected. Between April and December 16, on a gross basis, collections increased by around 48% to reach Rs 10.3 lakh crore.
Revenue on the direct tax front has been so strong that it is already 60% higher than the level of the whole of 2020-21, when the Covid-19 epidemic forced businesses to close due to the lockdown across the country and has resulted in widespread job losses and wage cuts.
A recovery in several sectors and a return to the labor market have helped boost government revenues, both on the direct and indirect tax front.
The latest figures come after the government received the third advance tax installment. In a statement, the Ministry of Finance said that cumulative anticipated tax revenues for the first, second and third quarters of the current fiscal year were estimated at nearly Rs 4.6 lakh crore (until December 16), compared to Rs 3 lakh crore a year ago. , posting a growth of 53.5%. With more bank data expected in the coming days, the ministry expects the number to improve further.
In net collections, corporate tax of over Rs 5.1 lakh crore accounts for 54% of the shares, while the remainder of Rs 4.3 lakh crore was due to personal income tax, including Security Transaction Tax (STT). Refunds in the amount of Rs 1.35 lakh crore have been issued so far in the current fiscal year.


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