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CBDT issues Direct Tax collection figures for FY 2021-22

CBDT issues a press release today stating that Direct Tax collections for the current fiscal (FY 2021-22) have registered a growth trend. Gross Direct Tax collections and Net direct collections up by 47% and 74% respectively. A brief analysis of Direct Tax collections for FY 2021-22 is here:

Net Direct Tax collections

The figures of Direct Tax collections for the Financial Year 2021-22, as on 22.09.2021 show that net collections are at Rs. 5,70,568 crore, compared to Rs. 3,27,174 crore in the corresponding period of the preceding Financial Year i.e FY 2020-21, representing an increase of 74.4%.

The net collection (as on 22.09.2021) in FY 2021-22 has registered a growth of 27% over FY 2019-20 when the net collection was Rs. 4,48,976 crore. The Net Direct Tax collection of Rs. 5,70,568 crore (as on 22.09.2021) include Corporation Tax (CIT) at Rs. 3,02,975 crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs. 2,67,593 crore (net of refund).

Gross Direct Tax collections

The Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2021-22 stands at Rs. 6,45,679 crore compared to Rs. 4,39,242 crore in the corresponding period of the preceding financial year, registering a growth of 47% over collections of FY 2020-21. The Gross collection (as on 22.09.2021) in FY 2021-22 has registered a growth of 16.75% over FY 2019-20 when the Gross collection was Rs. 5,53,063 crore.

The Gross collection of Rs. 6,45,679 crore includes Corporation Tax (CIT) at Rs. 3,58,806 crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs. 2,86,873 crore.

Minor head wise collection

Minor head wise collection comprises:

Advance Tax of Rs. 2,53,353 crore;

Tax Deducted at Source of Rs. 3,19,239 crore;

Self-Assessment Tax of Rs. 41,739 crore;

Regular Assessment Tax of Rs. 25,558 crore;

Dividend Distribution Tax of Rs. 4,406 crore and

Tax under other minor heads of Rs. 1383 crore.

Advance Tax collections

The Advance Tax collection in the second quarter (1st July, 2021 to 22nd September, 2021) of FY 2021-22 is Rs. 1,72,071 crore which shows a growth of 51.50% over the corresponding period in FY 2020-21 when the Advance Tax collection was Rs. 1,13,571 crore.

The cumulative Advance Tax collections for the first and second quarter of the FY 2021-22 stand at Rs. 2,53,353 crore as on 22.09.2021, against Advance Tax collections of Rs. 1,62,037 crore for the corresponding period of the immediately preceding Financial Year i.e 2020-21, showing a growth of 56%(approximately). Further, the cumulative Advance tax collection of Rs. 2,53,353 crore as on 22.09.2021 (FY 2021-22) shows a growth of 14.62% over the corresponding period in FY 2019-20 when the Advance Tax collection(cumulative) was Rs. 2,21,036 crore. The Advance Tax collection of Rs. 2,53,353 crore as on 22.09.2021 comprises Corporation Tax (CIT) at Rs. 1,96,964 crore and Personal Income Tax (PIT) at Rs. 56,389 crore. This amount is expected to increase as further information is awaited from Banks.


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TaxGyata Team

TaxGyata Team