Direct Income Tax Collection Rises By 100% In Last 12 Months! Rs 1.86 Lakh Cr Tax Collected

In an official statement released by the Ministry of Finance on Wednesday, the net direct tax collection by the Centre for the financial year 2021-22, has crossed over Rs 1.85 lakh crore.

These results are extraordinary, given the disruptions in the economy caused by the Covid-19 pandemic. Despite the economic downfall during the period, the net direct tax collection has grown at a robust pace.

Centre’s Tax Collection for FY 2021-22

The official statement released by the finance ministry shows that the Centre’s net direct tax collection as on June 15, for the financial year 2021-22 has outpaced itself.

The net collections have more than doubled its count as compared to last year’s tax collections for the same period.

It stands at Rs 1,85,871 crore in FY 2021-22, compared to Rs 92,762 crore last year (same period).

This means that the Centre’s  net direct tax collection in the last 12 months have increased by 100.4% over the collections of the previous year.

TOI states that the given direct tax collections include corporate tax at Rs 74,356 crore and personal income tax, which includes the security transaction tax at Rs 1.11 crore.

For Q1, the advance tax collections amounted to Rs 28,780 crore, while the count was noted to be Rs 11,714 crore for the corresponding period of the preceding financial year, demarcating a growth of 146%.

Furthermore, until now the Centre has issued refunds of Rs 30,731 crore in the financial year 2022.