Personal income tax and advance tax drive over 100 per cent growth
The net direct tax collection has doubled to over Rs 1.85 lakh crore so far this fiscal, mainly driven by personal income tax and advance tax mop-up, the I-T department said on Wednesday.
The net direct taxes kitty comprised corporate income tax (CIT) of Rs 74,356 crore and personal income tax, including securities transaction tax (STT), of over Rs 1.11 lakh crore.
The collections after adjusting refunds stood at Rs 1,85,871 crore between April 1 and June 15, as against Rs 92,762 crore a year ago, representing an increase of 100.4 per cent, the Central Board of Direct Taxes (CBDT) said in a statement.
Refunds amounting to Rs 30,731 crore have been issued in current fiscal.
The gross collection of direct taxes for this fiscal stood at over Rs 2.16 lakh crore, compared to Rs 1.37 lakh crore in the corresponding period last year.
The gross corporate income tax (CIT) mop-up stood at Rs 96,923 crore and personal income tax (PIT) stood at over Rs 1.19 lakh crore.
While advance tax mop-up stood at Rs 28,780 crore, tax deducted at source (TDS) was at Rs 1,56,824 crore. Self-assessment tax reached Rs 15,343 crore and regular assessment tax Rs 14,079 crore.
“Despite extremely challenging initial months of the new fiscal, the advance tax collections for the first quarter of FY2021-22 stands at Rs 28,780 crore as against advance tax collections of Rs 11,714 crore for the previous corresponding period, showing a growth of approximately 146 per cent,” the CBDT said.