India's collection from tax on personal and corporate income jumped over 48 per cent in the current fiscal after a 41 per cent surge in advance tax payments.
The direct tax collection for FY22 has beaten the revised estimate of Rs 12.50 lakh crore, as it stood at Rs 13.63 lakh crore as of March 17, the Central Board of Direct Taxes (CBDT) said in a statement.
Advance tax collections for FY22 jumped 41 per cent to Rs 6.63 lakh crore.
The Net Direct Tax collection of Rs 13.6 lakh crore include Corporation Tax at Rs 7.1 lakh crore (net of refund) and Personal Income Tax including Security Transaction Tax at Rs 6.4 lakh crore (net of refund).
Collection of Rs 13.6 lakh crore is as against a target of Rs 11.08 lakh crore (BE) as revised to Rs 12.50 lakh crore (RE).
Refunds aggregating to Rs 1.8 lakh crore have been issued in the current fiscal
The Direct Tax collections for FY22, as on March 16, 2022 stood at Rs 13.6 lakh crore compared to Rs 9.1 lakh crore in the same period a year back, representing an increase of 48.41%, the statement said.
The net collection in FY22 has registered a growth of 42.50% over the corresponding period when the net collection was Rs 9.5 lakh crore.
The gross collection of Direct Taxes (before adjusting for refunds) for the FY22 stands at Rs 15.5 lakh crore compared to Rs 11.2 lakh crore in the same period a year back.
The cumulative Advance Tax collections for FY22 stand at Rs 6.6 lakh crore against Rs 4.7 lakh crore in the same period a year back, showing a growth of 40.75%.
Refunds amounting to Rs 1,87,325.9 crore have also been issued in FY 2021-22 so far.