Advance tax collection up 53.50% to Rs 4.59 lakh crore in Q3 of FY22
For representational purpose
Ministry of Finance has said that Advance Tax collections for the first three quarters of the financial year 2021-22 stand at over Rs 4.59 lakh crore till December 16, 2021. The Ministry said that it shows a growth of nearly 53.50 per cent against Advance Tax collections of Rs 2.99 lakh crore for the corresponding period of the immediately preceding Financial Year.
It said, the Advance tax figures of over Rs 4.59 lakh crore comprises Corporation Tax to the tune of around Rs 3.49 lakh crore and Personal Income Tax of over Rs 1.10 lakh crore. The Ministry said, this amount is expected to increase as further information is awaited from Banks.
The Finance Ministry further added that till December 16, 2021, the figures of Direct Tax collections for this fiscal show that net collections remained at over Rs 9.45 lakh crore as compared to nearly Rs 5.87 lakh crore over the corresponding period of the preceding financial year of 2020-21. Thus, the net collections represent an increase of 60.8 per cent than the previous year.
Besides, the refunds amounting to over Rs 1.35 lakh crore have also been issued so far during the current financial year.
The net collection as of December 16, 2021, in FY21-22 has registered a growth of 40 per cent over the corresponding period of FY19-20 when the net collection was Rs 6.75 lakh crore and a growth of 40.93 per cent over the corresponding period of FY18-19 when the net collection was Rs 6.70 lakh crore.
The net direct tax collection includes Corporation Tax (CIT) at Rs 5.15 lakh crore (net of refund) and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs 4.29 lakh crore (net of refund).
The gross collection of Direct Taxes (before adjusting for refunds) for the FY21-22 as of December 16, 2021, stood at Rs 10.80 lakh crore compared to Rs 7.33 lakh crore in the corresponding period of the preceding financial year. The gross collection for FY19-20 was Rs 8.34 lakh crore and that for FY18-19 was Rs 7.96 lakh crore in the corresponding period.
The finance ministry in a statement said, "The gross collection of Rs 10.80 lakh crore includes Corporation Tax at Rs 6.05 lakh crore and Personal Income Tax including Security Transaction Tax (STT) at Rs 4.74 lakh crore. The minor head wise collection comprises Advance Tax of Rs 4.59 lakh crore, Tax Deducted at Source of Rs 4.93 lakh crore, Self-Assessment Tax of Rs 74,336.2 crore, Regular Assessment Tax of Rs 44,028.7 crore, Dividend Distribution Tax of Rs 6,525.9 crore and Tax under other minor heads of Rs 2390.6 crore."