Net Direct Tax collections of 2021-22 grow by 100 per cent

Net direct tax collections till June 15 during the current fiscal year 2021-22 stood at Rs 1,85,871 crore, which are an astounding 100 per cent more than Rs 92,762 crore which had been collected over the corresponding period of last year (2020-21).According to figures released by the Ministry of Finance, the net direct tax collections include corporation tax at Rs 74,356 crore (net of refund) and personal income tax 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 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 at Rs 96,923 crore and personal income tax including STT at Rs 1,19,197 crore. The ministry informed that despite extremely challenging initial months of the new fiscal, the advance tax collections for the first quarter of the 2021-22 stand at Rs 28,780 crore against advance tax collections of Rs 11,714 crore for the corresponding period of the immediately preceding financial year, showing a growth of approximately 146 per cent.