Net Direct Tax collections in 2021-22 grown at over 100% despite Covid-19 pandemic

The Union ministry of finance on 16^th June 2021 said that the Net Direct Tax Collections for the financial year 2021-2022 stood at Rs. 1,85,871 Crore as of June 15, 2021. The ministry said, the figures showed an increase of 100.4% over the collections of the same period in the previous year, which was Rs. 92,762 Crore.

The ministry in a statement announcing the figures on 16^th June 2021 said, “The Net Direct Tax collections include Corporation Tax (CIT) at Rs. 74,356 Crore (net of refund) and Personal Income Tax(PIT) including Security Transaction Tax(STT) at Rs. 1,11,043 Crore (net of refund).”

The Gross Collection of Direct Taxes (before adjusting for refunds) for the F.Y. 2021-22 stands at Rs. 2,16,602 Crore compared to Rs. 1,37,825 Crore in the corresponding period of the preceding year. This includes Corporation Tax (CIT) at Rs. 96,923 Crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs. 1,19,197 Crore. Minor head wise collection comprises Advance Tax of Rs. 28,780 Crore, Tax Deducted at Source of Rs.1,56,824 Crore, Self-Assessment Tax of Rs. 15,343 Crore; Regular Assessment Tax of Rs. 14,079 Crore; Dividend Distribution Tax of Rs.1086 Crore and Tax under other minor heads of Rs. 491 Crore.