Net Direct Tax Mop-Up Grows 74% At Rs 5.70 Lakh Crore So Far This Fiscal

Over Rs 2.53 lakh crore has been collected via advance tax.

New Delhi: The web private revenue and company taxes assortment grew 74 p.c to Rs 5.70 lakh crore to this point this fiscal, pushed primarily by advance tax and TDS funds.

The mop up of web direct tax (which is arrived at after deducting refunds from gross assortment) between April 1-September 22 was at Rs 5,70,568 crore, a 74.4 p.c progress over Rs 3.27 lakh crore collected in the identical interval final fiscal, the Central Board of Direct Taxes (CBDT) mentioned in a press release. It is 27 p.c progress over Rs 4.48 lakh crore collected in 2019-20.

The gross direct tax assortment to this point this fiscal stands at over Rs 6.45 lakh crore, a 47 p.c progress over Rs 4.39 lakh crore mopped up within the corresponding interval of the previous 12 months. The gross assortment was 16.75 p.c greater than Rs 5.53 lakh crore collected between April 1-September 22 of 2019-20 fiscal.

While over Rs 2.53 lakh crore has been collected via advance tax, Tax Deducted at Source (TDS) mop-up was over Rs 3.19 lakh crore. Self-assessment tax value Rs 41,739 crore, common evaluation tax of Rs 25,558 crore, dividend distribution tax of Rs 4,406 crore and tax below different minor heads of Rs 1,383 crore has been mopped up.

"The cumulative advance tax collections for the first and second quarter of the FY 2021-22 stand at Rs 2,53,353 crore as on September 22, 2021, against advance tax collections of Rs 1,62,037 crore for the corresponding period of the immediately preceding financial year i.e 2020-21, showing a growth of 56 percent," the assertion mentioned.

The advance tax assortment contains company tax (CIT) at Rs 1.96 lakh crore and private revenue tax (PIT) at Rs 56,389 crore. 

The gross CIT mop up was Rs 3.58 lakh crore and PIT was over Rs 2.86 lakh crore, whereas web CIT was at Rs 3.02 lakh crore and PIT was at Rs 2.67 lakh crore.

Refunds amounting to Rs 75,111 crore have additionally been issued within the FY 2021-22 to this point. 

The CBDT mentioned that regardless of extraordinarily difficult preliminary months of the fiscal 12 months 2021-22, the advance tax assortment within the second quarter (July 1 to September 22, 2021) of FY 2021-22 is Rs 1.72 lakh crore, which exhibits a progress of 51.50 p.c over the corresponding interval in FY 2020-21 when the advance tax assortment was Rs 1.13 lakh crore.

Nangia Andersen LLP Partner Sandeep Jhunjhunwala mentioned companies, though not unscathed, had been higher ready to journey the second wave. 

"The significantly higher tax collection numbers bear proof of the projected improvement in India's economic growth rate. FY 2020-21 was a one of a kind year that caught taxpayers and governments across the world by surprise. Therefore, the 27 percent improvement in tax collection from FY 2019-20, when the economy was more stable than it is today, may be more reassuring than the 74.4 percent improvement from FY 2020-21 when businesses experienced a significant dip," he mentioned. 

Jhunjhunwala additional mentioned that the advance upfront tax assortment over 2019-20 demonstrates a robust bounce again.

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