Net Direct Tax collections up 60.8 %

Accelerated economic recovery, as well as easing Covid restrictions, have lifted the Centre’s net direct tax collections for FY22 (till December 16) by over 60 per cent on a year-on-year basis.

According to the Ministry of Finance, net collections stood at Rs 945,276.6 crore compared to Rs 587,702.9 crore over the corresponding period of the preceding financial year, representing an increase of 60.8 per cent.

The net collection in FY2021-22 has registered a growth of 40 per cent over the corresponding period of FY 2019-20 when the net collection was Rs 675,409.5 crore….

The net direct tax collection of Rs 945,276.6 crore include corporation tax (CIT) at Rs 515,870.5 crore (net of refund) and personal income tax (PIT) including security transaction tax (STT) at Rs 429,406.1 crore (net of refund).

Besides, the gross collection of direct taxes (before adjusting for refunds) for the FY 2021-22 (as on December 16) stood at Rs 10,80,370.2 crore compared to Rs 7,33,715.2 crore in the corresponding period of the preceding financial year.

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