Every year, the Income Tax Department publishes its yearly net collection figures. CBDT (Central Board of Direct Taxes) Chairman JB Mohapatra stated on Thursday that the IT Department had made the “highest” collection in its history, citing a 48 percent increase in direct tax collection in the present fiscal, boosted by a 41 percent increase in advance tax payments.
According to Mohapatra, the tax collection numbers are the greatest in the department’s history on all accounts. The CBDT stated in a statement that net direct tax receipts were Rs 13.63 lakh crore to March 16, 2022, in the fiscal year that began on April 1, 2021, compared to Rs 9.18 lakh crore in the same time a year ago.
“The year-on-year net collections today is more by 48.4 per cent over 2020-21, over 42.5 per cent of 2019-20 and 35 per cent over 2018-19. In the block of last four years, the net collection numbers are the highest,” the chief of CBDT said.
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“It beats the previous high by as much as Rs 2.5 lakh crore. This is the highest number of income tax collections thus far in the history of the department,” he told PTI. The CBDT frames policy for the Income Tax department.
“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 2108-19. We have never entered gross collection wise beyond Rs 12.79 lakh crore. This year, we have entered into Rs 15 lakh gross numbers which also is a historic high for the department,” he said.
The current fiscal’s net direct tax collections, which include income tax on salary, corporation tax on revenues of corporations, real estate taxes, inheritance tax, and gift tax, are 35 percent more than the pre-pandemic year’s collection of Rs 9.56 lakh crore (April 2019 to March 2020).
The fourth instalment of advance tax revenues, which was due on March 15, surged by 40.75 percent to Rs 6.62 lakh crore, according to the statement, with refunds of Rs 1.87 lakh crore granted in the current fiscal. Corporate tax accounted for about 53% of total direct tax revenue, while personal income tax, which includes the securities transaction tax (STT), accounted for 47%.
(With PTI inputs)
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