New Delhi: Gross direct tax revenue for 2021-2022 grew by 47% and net direct tax revenue for the year increased by over 74%.
A statement from the Ministry of Finance said direct tax collections figures for 2021-2022, as of September 22, 2021, show net collections amounting to Rs 5,70,568 crore compared to Rs. 3,27,174 crore over the corresponding period of the previous fiscal year, an increase of 74.4 percent.
“Net inflows (as of 22.09.2021) in FY2021-22 grew by 27% compared to 2019-2020, when net inflows were 4,448,976 crore rupees,” said a press release from the Ministry of Finance.
Net direct tax collection of Rs. 5 70 568 crore (as of 22.09.2021) includes corporation tax (CIT) at Rs. 3 02 975 crore (net of reimbursement) and personal income tax (PIT) including Securities Transaction Tax (STT) at Rs. 2,675,593 crore (net of redemption).
Gross direct tax collection (before adjustment for refunds) for 2021-22 stands at Rs. 6 45 679 crore compared to Rs 4 39 242 crore in the corresponding period of the previous fiscal year, recording growth by 47% compared to the 2020-21 collections. Gross collection (as of September 22) in 2021-2022 has grown by 16.75% compared to 2019-20, when gross collection was Rs.553.063 crore.
The statement says that refunds amounting to Rs. 75,111 crore have also been issued in the 2021-22 fiscal year so far.