The central government seems to be laughing all the way to the bank as the net direct tax numbers indicate that the collections till March 16 have crossed the revised estimates projected in the budget for FY 22.
According to the tax collection data released by the ministry of finance, the net direct tax collection as on March 16 stands at ₹13,63,038 crore, up 48.4% from ₹9,18,430.5 crore in the corresponding period of the previous financial year. It may be noted that the collections are up 9% from the revised estimate pegged in the budget at ₹12,50,000 crore.
"The net collection (as on 16.03.2022) in 2021-22 has registered a growth of 42.50% over the corresponding period of FY 2019-20 when the net collection was ₹9,56,550.3 crore, and a growth of 34.96% over the corresponding period of FY 2018-19 when the net collection was ₹10,09,982.9 crore," the ministry of finance said in a release issued a short while back.
"The net direct tax collection includes corporation tax at ₹7,19,035.0 crore (net of refund) and personal income tax, including security transaction tax at ₹6,40,588.3 crore (net of refund). Collection of ₹13,63,038 crore is against a target of ₹11.08 lakh crore (BE) as revised to ₹12.50 lakh crore (RE)," the ministry added in the release.
"The gross direct tax collection (as on 16.03.2022) stands at ₹15,50,364.2 crore, compared with ₹11,20,638.6 crore in the corresponding period of the preceding financial year," said the ministry.
The advance tax collections too have also shown a significant jump in comparison with the previous financial year.
"The cumulative Advance Tax collections for 2021-22 stand at ₹6,62,896.3 crore as on 16.03.22, against collection of ₹4,70,984.4 crore for the corresponding period of the immediately preceding fiscal, showing a growth of 40.75%," the finance ministry said. Advance tax collection has grown 50.56% over ₹4,40,281 collected till March 16 in 2019-20. Also it is up 30.82% over the corresponding period in 2018-19 when the collection stood at ₹5,06,714.2 crore.
The advance tax figure comprises corporation tax (CIT) at ₹4,84,451.8 crore and personal income tax (PIT) at ₹1,78,441.1 crore. This amount is expected to increase as further information is awaited from banks, the ministry said. Refunds amounting to ₹1,87,325.9 crore have also been issued so far in the current financial year, the ministry added.
