The Ministry of Finance said on Friday that tax collection is up 53.50 percent this fiscal year to Rs 4.60 lakh crore, signaling recovery in the economy. Direct tax collections for 2021-22, as on December 16, show that net collections are Rs 9.45 lakh crore as compared to Rs 5.88 lakh crore over the period a year ago, representing an increase of 60, 8 percent, the ministry said in a statement.
“Net collection (as on December 16) in FY22 has registered a growth of 40 percent from the corresponding period last year, when net collection was Rs 6,75,409.5 crore, and a growth of 40, 93 percent over the corresponding period of 2018-19, when the net collection was Rs 6,70,739.1 crore,” it said.
The cumulative withholding taxes for the first, second and third quarters of 2021-22 stand at Rs 4,59,917.1 crore as on December 16, 2021, against withholding taxes of Rs 2,99,620.5 crore for the corresponding period of 2020-21 , with growth of about 53.5 percent, it said.
Furthermore, it shows a growth of 44.21 percent over the corresponding period in 2019-20 when the withholding tax (cumulative) was Rs 3.19 lakh crore and a growth of 49.76 percent over the same period in 2018-19, it said the.
The input tax amount on December 16, 2021 includes corporate income tax (CIT) of Rs 3,49,045.4 crore and personal income tax (PIT) of Rs 1,10,871.7 crore, it said.
This amount is expected to increase as further information is awaited from banks, it added. The last date for the payment of the third installment of the withholding tax is December 15 each year.
Net direct tax collection was Rs 9,45,276.6 crore including CIT at Rs 5,15,870.5 crore (net of refunds) and PIT including Security Transaction Tax (STT) at Rs 4,29,406.1 crore (net of refunds) .
“The gross collection of direct taxes (before adjustment for refunds) for 2021-22 (as on 16.12.2021) stands at Rs 10,80,370.2 crore compared to Rs 7,33,715.2 crore in the corresponding period of the previous fiscal year. The gross collection for 2019-20 was Rs 8,34,398 crore and that for 2018-19 was Rs 7,96,342 crore in the corresponding period,” it said.
The gross collection of Rs 10,80,370.2 crore includes CIT at Rs 6,05,652.6 crore and PIT including Security Transaction Tax (STT) at Rs 4,74,717.6 crore, it said.
Small poll collection includes pre-tax of Rs 4,59,917.1 crore, tax deducted at source of Rs 4,93,171.7 crore, self-assessment tax of Rs 74,336.2 crore; Regular assessment tax of Rs 44,028.7 crore; Dividend distribution tax of Rs 6,525.9 crore and tax among other small heads of Rs 2390.6 crore, it said.
Refunds of Rs 1,35,093.6 crore have also been issued in 2021-22 so far.