Advance tax collection so far in the current financial year increased by 53.50 percent to Rs 4.60 lakh crore
The Finance Ministry on Friday said that advance tax collection so far this fiscal has grown by 53.50 per cent to Rs 4.60 lakh crore, indicating a recovery in the economy. The direct tax collection for 2021-22, as on December 16, shows that the net collection stands at Rs 9.45 lakh crore, an increase of 60.8 per cent as compared to Rs 5.88 lakh crore in the year-ago period, the ministry said in a statement. represents. ,
“Net collections in FY 2012 (as on December 16) registered a growth of 40 per cent over the corresponding period of the previous year, when the net collections stood at Rs 6,75,409.5 crores, registering a growth of 40.93 per cent over the same period 2018-19 when the net collection was Rs 6,70,739.1 crore,” it said.
The cumulative advance tax collection for the first, second and third quarters of 2021-22 stood at Rs 4,59,917.1 crore as on December 16, 2021, as against the advance tax collection of Rs 2,99,620.5 crore for the corresponding period of 2020-21. Showing a growth of around 53.5 per cent, it said.
Further, it shows a growth of 44.21 per cent over the corresponding period in 2019-20, when the advance tax collection (cumulative) stood at Rs 3.19 lakh crore and increased by 49.76 per cent in the same period in 2018-19.
The advance tax figure as on December 16, 2021 includes corporation tax (CIT) of Rs 3,49,045.4 crore and personal income tax (PIT) of Rs 1,10,871.7 crore.
This amount is expected to increase as further information from banks is awaited, it added. The last date for payment of the third installment of advance tax every year is 15th December.
The net direct tax collection was Rs 9,45,276.6 crore, of which CIT was Rs 5,15,870.5 crore (net of return) and PIT including Security Transaction Tax (STT) was Rs 4,29,406.1 crore (net of return).
“Gross collection of Direct Taxes (before adjustment for refunds) for 2011-22 (as on 16.12.2021) is Rs 10,80,370.2 crore as compared to Rs 7,33,715.2 crore in the corresponding period of the previous financial year. Gross 2019- The collection for 20 was Rs 8,34,398 crore and for 2018-19 was Rs 7,96,342 crore in the same period,” it said.
The gross collection of Rs 10,80,370.2 crore includes CIT of Rs 6,05,652.6 crore and PIT including Security Transaction Tax (STT) of Rs 4,74,717.6 crore.
Minor head wise collection includes Advance Tax of Rs 4,59,917.1 crore, Tax Deduction 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 under other small heads of Rs 2390.6 crore.
Refunds of Rs 1,35,093.6 crore have also been issued so far in 2021-22.
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