Net direct tax collection reaches highest-ever figure in FY 22 Says CBDT Chairman

CBDT Chairman J.B. Mohapatra stated on Tuesday that net direct tax collections (income tax and corporation tax) hit an all-time high of Rs 14.09 lakh crore in financial year 2021-22, up from Rs 9.45 lakh crore in financial year 2020-21.

He said that the net direct tax collection increased by 49.02 percent in financial year 2021-22, with a growth of 34.16 percent over financial year 2019-20, when the net collection was Rs 10,50,680.56 crore, and a growth of 23.90 percent over financial year 2018-19, when the net collection was Rs 11,37,718.48 crore.

According to Mohapatra, gross direct tax collection for 2021-22 is Rs 16,34,454.95 crore, up from Rs 12,31,270.52 crore in 2020-21, a 32.75 percent increase.

He further stated that the gross collection in 2021-22 increased by 32.42 percent compared to the gross collection in 2019-20, which was Rs 12,34,258.42 crore, and by 25.84 percent compared to the gross collection in 2018-19, which was Rs 12,98,797.32 crore.

2.43 crore reimbursements were issued in the previous financial year, compared to 2.37 crore in 2020-21, totaling Rs 2,24,814 crore. This includes 2.01 crore reimbursements in AY 2021-22 alone as a result of speedier return processing.

On the new e-filing platform, more than 7.14 crore Income Tax Returns (ITRs) were filed for AY 2021-22 as of March 31, 2022, compared to 6.97 crore ITRs filed for AY 2020-21 till May 31, 2021 (extended last day of the previous year), marking a 2.4 percent increase.

According to Mohapatra, the country’s phenomenal growth in direct and indirect tax receipts suggests that the Indian economy is growing. He went on to say that many reforms have been implemented, resulting in all of these excellent outcomes.

He claimed that the Odisha region’s budget collection exceeded the budget target during the previous financial year.

The area collected Rs 15,481 crore in the previous financial year against a target of Rs 14,000 crore, a 52.50 percent increase over the previous year’s Budget receipts. He noted that the state has a lot of potential and is expanding at the same rate as the national average in terms of tax revenues.