Sunday, 17 October, 2021
HomeBusinessNet Direct Tax Mop-Up Grows 74% At Rs 5.70 Lakh Crore So...

Net Direct Tax Mop-Up Grows 74% At Rs 5.70 Lakh Crore So Far This Fiscal

Over Rs 2.53 lakh crore has been collected via advance tax.

New Delhi: The online private earnings and company taxes assortment grew 74 p.c to Rs 5.70 lakh crore to date this fiscal, pushed primarily by advance tax and TDS funds.

The mop up of internet direct tax (which is arrived at after deducting refunds from gross assortment) between April 1-September 22 was at Rs 5,70,568 crore, a 74.Four p.c progress over Rs 3.27 lakh crore collected in the identical interval final fiscal, the Central Board of Direct Taxes (CBDT) stated in a press release. It’s 27 p.c progress over Rs 4.48 lakh crore collected in 2019-20.

The gross direct tax assortment to date this fiscal stands at over Rs 6.45 lakh crore, a 47 p.c progress over Rs 4.39 lakh crore mopped up within the corresponding interval of the previous yr. The gross assortment was 16.75 p.c increased than Rs 5.53 lakh crore collected between April 1-September 22 of 2019-20 fiscal.

Whereas over Rs 2.53 lakh crore has been collected via advance tax, Tax Deducted at Supply (TDS) mop-up was over Rs 3.19 lakh crore. Self-assessment tax price Rs 41,739 crore, common evaluation tax of Rs 25,558 crore, dividend distribution tax of Rs 4,406 crore and tax underneath different minor heads of Rs 1,383 crore has been mopped up.

“The cumulative advance tax collections for the primary and second quarter of the FY 2021-22 stand at Rs 2,53,353 crore as on September 22, 2021, towards advance tax collections of Rs 1,62,037 crore for the corresponding interval of the instantly previous monetary yr i.e 2020-21, displaying a progress of 56 p.c,” the assertion stated.

The advance tax assortment contains company tax (CIT) at Rs 1.96 lakh crore and private earnings tax (PIT) at Rs 56,389 crore. 

The gross CIT mop up was Rs 3.58 lakh crore and PIT was over Rs 2.86 lakh crore, whereas internet CIT was at Rs 3.02 lakh crore and PIT was at Rs 2.67 lakh crore.

Refunds amounting to Rs 75,111 crore have additionally been issued within the FY 2021-22 to date. 

The CBDT stated that regardless of extraordinarily difficult preliminary months of the fiscal yr 2021-22, the advance tax assortment within the second quarter (July 1 to September 22, 2021) of FY 2021-22 is Rs 1.72 lakh crore, which reveals a progress of 51.50 p.c over the corresponding interval in FY 2020-21 when the advance tax assortment was Rs 1.13 lakh crore.

Nangia Andersen LLP Companion Sandeep Jhunjhunwala stated companies, though not unscathed, have been higher ready to journey the second wave. 

“The considerably increased tax assortment numbers bear proof of the projected enchancment in India’s financial progress charge. FY 2020-21 was a one in every of a form yr that caught taxpayers and governments internationally abruptly. Subsequently, the 27 p.c enchancment in tax assortment from FY 2019-20, when the economic system was extra secure than it’s in the present day, could also be extra reassuring than the 74.Four p.c enchancment from FY 2020-21 when companies skilled a major dip,” he stated. 

Jhunjhunwala additional stated that the advance upfront tax assortment over 2019-20 demonstrates a powerful bounce again.

(This story has not been edited by The Press Reporter workers and is auto-generated from a syndicated feed.)

Most Popular

English English हिन्दी हिन्दी ਪੰਜਾਬੀ ਪੰਜਾਬੀ