I-T dept makes highest tax collection in history; sees nearly 50% jump
Indicating a healthy economic recovery from the pandemic, CBDT Chairman J B Mohaptra on Thursday informed that the Income Tax department has made the "highest" collection in its history, as the direct tax mop up jumped over 48 percent in the current fiscal year, boosted by a 41 percent increase in advance tax payments.
He said the current net collection numbers are Rs 13.63 lakh crore, compared to Rs 11.18 lakh crore in 2018-19, Rs 10.28 lakh crore in 2019-20 and Rs 9.24 lakh crore in 2020-21.
"The year-on-year net collections today is more by 48.4 percent over 2020-21, over 42.5 percent of 2019-20 and 35 percent over 2018-19. In the block of last four years, the net collection numbers are the highest," said the Central Board of Direct Taxes (CBDT) chief.
"It beats the previous high by as much as Rs 2.5 lakh crore. This is the highest number of income tax collections thus far in the history of the department," he added.
The current fiscal's net collection increased by 42.50 percent compared to the same period in FY 2019-20, when the net collection was 9,56,550.3 crore, and by 34.96 percent compared to the same period in FY 2018-19, when the net collection was 10,09,982.9 crore.
Corporate income tax (CIT) of 7,19,035.0 crore (net of refund) and personal income tax (PIT) including STT of 6,40,588.3 crore make up the net direct tax collections (net of refund).
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The gross collection of direct taxes (before refunds) for FY 2021-22 (as of March 16, 2022) was 15,50,364.2 crore, compared to 11,20,638.6 crore in the previous financial year's similar period.
As of March 16, 2022, the cumulative advance tax collections for the current fiscal year 2021-22 amounted to 6,62,896.3 crore, up from 4,70,984.4 crore in the previous fiscal year's similar period.
This was 50.5 percent higher than the advance tax collection of 4,40,281.4 crore in FY 2019-20 and 31% higher than the 5,06,714.2 crore received in 2018-19. A total of Rs 187,325 has been refunded.
So far in FY 2021-22, 9 crores have been issued.
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-PTC News
