India’s Net Direct Tax collections up till 16 March

Accelerated economic recovery lifted the Centre’s net direct tax collections for FY22 (till March 16) by over 48 per cent on a year-on-year basis.

According to the Ministry of Finance, net collections stood at Rs 13,63,038.3 crore compared to Rs 9,18,430.5 crore over the corresponding period of the preceding financial year.

The net collection (as on March 16, 2022) in FY 2021-22 has registered a growth of 42.50 per cent over the corresponding period of FY 2019-20 when the net collection was Rs 9,56,550.3 crore, and a growth of 34.96 per cent over the corresponding period of FY 2018-19 when the net collection was Rs 10,09,982.9 crore.

Besides, the ministry said that net direct tax collection includes Corporation Tax (CIT) at Rs 7,19,035 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs 6,40,588.3 crore (net of refund).

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