Record Advance Tax Collection for Q1 and Q1 of FY22

Tax Collection
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Despite extremely challenging initial months of the fiscal year 2021-22, the Finance Ministry data shows Net direct tax collection in FY22 till September 22, 2021, has risen 74.4 percent to Rs 5,70,568 crore, compared to Rs 3,27,174 crore in the corresponding period of FY21. The net collection data as of September 22 is up 27 percent over FY20 when it stood at Rs 4,48,976 crore during the same period. The direct tax collection of Rs 5.7 lakh crore includes corporation tax (CIT) of Rs 3,02,975 crore and personal income tax (PIT) including security transaction tax (STT) of Rs 2,67,593 crore.

The gross collection of direct taxes, before adjusting for refunds, for FY22 so far has grown 47 percent to Rs 6,45,679 crore vs Rs 4,39,242 crore during the same period last year. The gross collection in FY22 so far has risen 16.75 percent over FY20 when it was Rs 5,53,063 crore.

The cumulative advance tax collection for Q1 and Q1 of FY22, comprising corporation tax and personal income tax, stands at Rs 2,53,353 crore till September 22 so far. This is against advance tax collections of Rs 1,62,037 crore during the same period last year, a growth of 56 percent. As compared to FY20 figures, the advance tax collection is up 14.62 percent.

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IE&M Team
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