New Delhi: The Ministry of Finance on Friday said advance tax collection increased by 53.50 percent to 4.60 lakh crore rs as far as this fiscal year, showing recovery in the economy.
Direct tax collection for 2021-22, as on December 16, shows that the net collection is Rs 9.45 lakh crore compared to Rs 5.88 Lakh Crore during the annual year period, representing an increase of 60.8 percent, the ministry said in a statement .
“Clean collection (on December 16) at FY22 has registered 40 percent growth over the period in accordance with the previous year when a net collection is Rs 6,75,409.5 Crore, and a growth of 40.93 percent over the appropriate period.
2018-19 when the collection is clean is Rs 6,70,739.1 Crore, “he said.
Collection of cumulative advance tax for the first quarter, second and third from 2021-22 stand at Rs 4,59,917.1 Crore on December 16, 2021, against the Face Tax collection of Rs 2.99,620.5 Crore for the appropriate period 2020-21, shows Growth of around 53.5 percent, he said.
Furthermore, this shows a growth of 44.21 percent over the appropriate period in 2019-20 when the advance tax collection (cumulative) is Rs 3.19 Lakh Crore and 49.76 percent growth over the same period in 2018-19, he said.
The advance tax rate on December 16, 2021 consists of a company tax (CIT) of Rs 3,49,045.4 Crore and personal income tax (Hole) Rs 1,10,871.7 Crore, he said.
This number is expected to increase because further information is awaited from the bank, he added.
The last date for payment of the installment of the three advance tax is December 15 every year.
Clean direct tax collection is Rs 9,45,276.6 Crore, including Cit at RS 5,15,870.5 Crore (after reducing refunds) and holes including security transaction tax (STT) at RS 4.29,406.1 Crore (after reducing returns money).
“Direct Gross Collection (before adjusting for refunds) for 2021-22 (as at 16.12.2021) reached Rs 10,80,370.2 Crore compared to Rs 7,33,715.2 Crore in the period according to the previous financial year.
Gross collection For 2019-20 is Rs 8.34,398 Crore and for 2018-19 is Rs 7.96,342 Crore in the appropriate period, “he said.
Dirty 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, he said.
WEEISE Head minor collection consisted of advance tax RS 4,59,917.1 Crore, taxes deducted at RS Source 4.93,171.7 Crore, self-assessment tax amounting to RS 74,336.2 Crore; Regular assessment tax of Rs 44,028.7 Crore; Dividend distribution tax Rs 6,525.9 Crore and tax under other small heads Rs 2390.6 Crore, he said.
Refunds of RS 1,35,093.6 Crore have also been issued on 2021-22 so far.