Net Direct Tax collections for 2021-22 have grown at a sturdy tempo regardless of COVID
Despite the more severe situation as a consequence of COVID-19 which impacted financial development, the web direct tax assortment has doubled to over Rs 2.49 lakh crore thus far this fiscal, primarily pushed by private revenue tax and advance tax mop up, Income Tax division sources instructed ANI.
The web direct tax collections between April 1 and July 3 stood at Rs 2.49 lakh crore, in comparison with Rs 1.29 lakh crore over the corresponding interval of the previous 12 months, representing a rise of 91 per cent over the collections of the previous 12 months. Net Direct Tax collections for the monetary 12 months (FY) 2021-22 have grown at a sturdy tempo regardless of the disruption brought on by the COVID-19 pandemic on the financial system.
The gross assortment of Direct Taxes (earlier than adjusting for refunds) for the FY 2021-22 stands at Rs 2.86 lakh crore in comparison with Rs 1.94 lakh crore within the corresponding interval of the previous 12 months. This contains Corporation Income Tax (CIT), Personal Income Tax (PIT), Security Transaction Tax (STT) and superior tax. This quantity is anticipated to extend as additional info is acquired from banks.
Commenting on the direct tax assortment developments Income Tax division sources stated assortment figures are encouraging and the division is cautiously optimistic to attain the Budget goal set by Union Finance Minister Nirmala Sitharaman. He added that clear and truthful taxation system offers us the arrogance, other than revival of the financial exercise, regardless of the troublesome occasions, that we can obtain the present goal. The goal for present fiscal has been set at Rs 11.08 lakh crore.
Commenting on the direct tax assortment, Neeru Ahuja, Partner, Deloitte India stated, “These are clearly positive outcomes of an economy getting back on track. Business optimism and the many compliance tracking initiatives taken by the tax authorities.”
Earlier Central Board of Direct Taxes (CBDT) in an announcement stated Income Tax division has issued refunds of over Rs 37,050 crore to greater than 17.92 lakh taxpayers between April 1, 2021 to July 5, 2021. Income tax refunds of Rs 10,408 crore have been issued in 16,89,063 instances and company tax refunds of Rs 26,642 crore have been issued in 1,03,088 instances.
