Advance Tax Collection Rises 54% To Rs 4.60 Lakh Crore In 2021-22: Finance Ministry

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Advance tax collection increased by 53.50 per cent to Rs 4.60 lakh crore so far this fiscal

The finance ministry on Friday said advance tax collection increased by 53.50 per cent to Rs 4.60 lakh crore so far this fiscal year, indicating recovery in the economy. Direct tax collections for 2021-22, as on December 16, show that net collections are at Rs 9.45 lakh crore compared to Rs 5.88 lakh crore over the year-ago period, representing an increase of 60.8 per cent, the ministry said in a statement.

“The net collection (as on December 16) in FY22 has registered a growth of 40 per cent over the corresponding period of previous year when the net collection was Rs 6,75,409.5 crore, and a growth of 40.93 per cent over the corresponding period of 2018-19 when the net collection was Rs 6,70,739.1 crore,” it said.

The cumulative advance tax collections for the first, second and third quarter of 2021-22 stand at Rs 4,59,917.1 crore as on December 16, 2021, against advance tax collections of Rs 2,99,620.5 crore for the corresponding period of 2020-21, showing a growth of about 53.5 per cent, it said.

Further, it shows a growth of 44.21 per cent over the corresponding period in 2019-20 when the advance tax collection(cumulative) was Rs 3.19 lakh crore and a growth of 49.76 per cent over the same period in 2018-19, it said.

The advance tax figure as on December 16, 2021 comprises Corporation Tax (CIT) of Rs 3,49,045.4 crore and Personal Income Tax (PIT) of Rs 1,10,871.7 crore, it said.

This amount is expected to increase as further information is awaited from banks, it added. The last date for payment of third installment of advance tax is December 15 every year.

The Net Direct Tax collection was Rs 9,45,276.6 crore, including CIT at Rs 5,15,870.5 crore (net of refund) and PIT including Security Transaction Tax (STT) at Rs 4,29,406.1 crore (net of refund).

“The gross collection of Direct Taxes (before adjusting for refunds) for 2021-22 (as on 16.12.2021) stands at Rs 10,80,370.2 crore compared to Rs 7,33,715.2 crore in the corresponding period of the preceding financial year. The gross collection for 2019-20 was Rs 8,34,398 crore and that for 2018-19 was Rs 7,96,342 crore in the corresponding period,” it said.

The gross collection of Rs 10,80,370.2 crore includes CIT at Rs 6,05,652.6 crore and PIT including Security Transaction Tax(STT) at Rs 4,74,717.6 crore, it said.

Minor head wise collection comprises advance tax of Rs 4,59,917.1 crore, Tax Deducted at Source of Rs 4,93,171.7 crore, Self-Assessment Tax of Rs 74,336.2 crore; Regular Assessment Tax of Rs 44,028.7 crore; Dividend Distribution Tax of Rs 6,525.9 crore and tax under other minor heads of Rs 2390.6 crore, it said.

Refunds amounting to Rs 1,35,093.6 crore have also been issued in 2021-22 so far. 

Author: desi123 is an online news portal that aims to provide the latest trendy news for Asians living in Asia and around the World.

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