New Delhi: Net personal income and corporate tax collection grew 74 percent to Rs 5.70 lakh crore so far this fiscal, was mainly driven by advance tax and TDS payment.
MOP for direct tax clean (which arrived after reducing a refund from a dirty collection) between April 1-September 22 was at Rs 5,70,568 Crore, growth of 74.4 percent more than RS 3.27 lakh Crore was collected in the same period of the fiscal year , Direct Tax Center Council (CBDT) said in a statement.
This is a 27 percent growth during Rs 4.48 Lakh Crore collected in 2019-20.
Gross direct tax collection so far this fiscal stands more than Rs 6.45 lakh crore, growth of 47 percent more than Rs 4.39 lakh crore mopped in the appropriate period from the previous year.
The dirty collection was 16.75 percent higher than RS 5.53 Lakh Crore was collected between April 1-September 22, 2019-20 fiscal.
While more than RS 2.53 lakh Crore has been collected through advance tax, taxes deducted in the source mop-up (TDS) more than RS 3.19 lakh crore.
Self-assessment Tax Worth Rs 41,739 Crore, Regular Rating Taxes of Rs 25,558 Crore, Dividend Distribution Tax Rs 4,406 Crore and Taxes under other small heads from RS 1,383 Crore have been cleaned.
“Collection of cumulative advance tax for the first and second quarter of FY 2021-22 stood at the RS 2.53,353 Crore on September 22, 2021, against the RS 242,037 Crore Advance Tax collection for the same period Previously previously the financial year was 2020-21, Shows 56 percent growth, “said the statement.
Advance tax collection consists of corporate tax (CIT) at RS 1.96 lakh crore and personal income tax (PIT) at RS 56,389 Crore.
Dirty Cit Mop Up is Rs 3.58 lakh crore and more holes than Rs 2.86 lakh crore, while Net Cit is at RS 3.02 Lakh Crore and Pit located at Rs 2.67 Lakh Crore.
Refunds of RS 75,111 Crore have also been issued at FY 2021-22 so far.
CBDT said that even though the early months were very challenging the fiscal year 2021-22, advance tax collection in the second quarter (July 1 to September 22, 2021) from TA 2021-22 was Rs 1.72 Lakh Crore, which showed growth growth of 51, 50 percent of the appropriate period in TA 2020-21 when the advance tax collection is Rs 1.13 Lakh Crore.
Nangia Andersen LLP Partner Sandeep Jhunjhunwala said business, although not without injury, it is better prepared to ride the second wave.
“A much higher tax billing rate produces evidence projected at the Indian economic growth rate.
TA 2020-21 is a good year that captures taxpayers and governments around the world with surprises.
Therefore, a 27 percent increase in tax collection From the 2019-20 TA, when the economy is more stable than today, it might be more convincing than an increase of 74.4 percent of TA 2020-21 when the business has decreased significantly, “he said.
Jhunjhunwala further said that the increase in the billing of the face tax over 2019-20 showed up strong back.