The government has collected Rs 13.63 lakh crore as direct taxes for FY22 till Wednesday, a new high for the Income Tax Department, as per data released Thursday.
Revenue from direct taxes, including personal and corporate income taxes, jumped over 48 per cent in the current fiscal after a 41 per cent surge in advance tax payments. The net direct tax collection number — as of March 16 — is Rs 13.63 lakh crore as against Rs 11.18 lakh crore in 2018-19, Rs 10.28 lakh crore in 2019-20 and Rs 9.24 lakh crore in 2020-21.
“If you look at the gross numbers, it is today Rs 15.50 lakh crore which is more by 38.3 per cent of 2020-21, more by 36.6 per cent of 2019-20, more by 32.7 per cent of 2018-19. We have never entered gross collection wise beyond Rs 12.79 lakh crore. This year, we have entered into Rs 15 lakh crore gross numbers which also is a historic high for the department,” Central Board of Direct Taxes (CBDT) Chairman JB Mohapatra told news agency PTI.
Net direct tax collections until March 16 were at Rs 13.63 lakh crore, against Rs 9.18 lakh crore in the year-ago period, the CBDT said. The net collections in direct taxes — made up of income tax on individual income, corporation tax on profits of companies, property tax, inheritance tax and gift tax — in the current fiscal is 35 per cent higher than the collection of Rs 9.56 lakh crore in the pre-pandemic year of 2019-20.
Advance tax collections, the fourth installment of which was due on March 15, rose to Rs 6.62 lakh crore, up 40.75 per cent, the CBDT said, adding refunds aggregating to Rs 1.87 lakh crore have been issued this fiscal.
Almost 53 per cent of all direct tax collection was from corporate tax, while 47 per cent came from personal income tax, including securities transaction tax (STT) on shares.
The direct tax mop-up exceeded the Budget Estimate (BE) of Rs 11.08 lakh crore and Revised Estimate (RE) of Rs 12.50 lakh crore presented in the 2022-23 Budget by Finance Minister Nirmala Sitharaman on February 1.
The gross collection for FY20 was Rs 11,34,706.3 crore and that for FY19 was Rs 11,68,048.7 crore. The gross collection includes corporate income tax of Rs 8,36,838.2 crore and personal income tax of Rs 7,10,056.8 crore.
The cumulative advance tax collections for this fiscal stood at Rs 6,62,896.3 crore as on March 16, compared to Rs 4,70,984.4 crore for the corresponding period of the preceding fiscal. This was 50.5 per cent higher than Rs 4,40,281.4 crore advance tax collection in 2019-20 and 31 per cent more than Rs 5,06,714.2 crore mopped up in 2018-19.