The Fiscal rise in net direct tax is over 100 percent to Rs. 1.85 lakh crore

Advance tax collections for FY22 stand at ₹28,780 crore, which shows a growth of roughly 146% and a total of ₹30,731 crore are issued as tax refunds in FY22 thus far

India’s net tax collections doubled to quite ₹1.85 lakh crore this fiscal thus far , the govt stated on Wednesday. The tax receipts within the corresponding period for the last fiscal came at ₹92,762 crore.

The net tax collections include Corporation Tax  at Rs. 74,356 crore (net of refund) and private Income Tax including Security Transaction Tax at Rs. 1,11,043 crore (net of refund), the Ministry of Finance said during a statement.

The gross collection of Direct Taxes (before adjusting for refunds) for the FY22 stands at ₹2,16,602 crore compared to ₹1,37,825 crore within the corresponding period of the preceding year.

The Ministry stated that, this is likely to include Corporation Tax  at ₹96,923 crore and private tax (PIT) including Security Transaction Tax(STT) at Rs. 1,19,197 crore. Slight collection comprises Advance Tax of Rs. 28,780 crore, Tax Deducted at Source of Rs.1,56,824 crore, Self-Assessment Tax of Rs. 15,343 crore; Regular Assessment Tax of Rs. 14,079 crore, also includes Dividend Distribution Tax of Rs.1086 crore and Tax under other minor heads of Rs. 491 crore.

It was also mentioned that, “despite extremely challenging initial months of the new fiscal , the Advance Tax collections for the primary quarter of the FY22 stand at ₹28,780 crore against Advance Tax collections of ₹11,714 crore for the corresponding period of the immediately preceding fiscal year , showing a growth of roughly 146%”

This comprises Corporation Tax at Rs. 18,358 crore and private tax (PIT) at Rs. 10,422 crore. This amount is predicted to extend as further information is received from Banks.

Refunds amounting to Rs. 30,731 crore have also been issued within the F.Y. 2021-22.

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