Refunds aggregating to Rs. 1,35,093.6 crore issued in the current financial year

The numbers for Direct Tax collections for the Financial Year 2021-22, as of 16.12.2021, reveal that net collections are at Rs. 9,45,276.6 crore, up from Rs. 5,87,702.9 crore in the equivalent period of the previous fiscal year, i.e. FY 2020-21, marking a 60.8 percent rise. The net collection (as of 16.12.2021) in FY 2021-22 has increased by 40% over the similar period of FY 2019-20, when the net collection was Rs. 6,75,409.5 crore, and by 40.93% over the corresponding period of FY 2018-19, when the net collection was Rs. 6,70,739.1 crore.

The Net Direct Tax collection of Rs. 9,45,276.6 crore (as on 16.12.2021) includes Corporation Tax (CIT) of Rs. 5,15,870.5 crore (net of rebate) and Personal Income Tax (PIT) including Security Transaction Tax (STT) of Rs. 4,29,406.1 crore (net of refund).

The gross collection of direct taxes (before correcting for refunds) for the fiscal year 2021-22 (as of 16.12.2021) is Rs. 10,80,370.2 crore, compared to Rs. 7,33,715.2 crore in the previous fiscal year’s similar period. The gross collection for fiscal year 2019-20 was Rs. 8,34,398 crore, whereas that for fiscal year 2018-19 was Rs. 7,96,342 crore.\

Corporation Tax (CIT) at Rs. 6,05,652.6 crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs. 4,74,717.6 crore comprise the gross collection of Rs. 10,80,370.2 crore. Advance Tax of Rs. 4,59,917.1 crore, Tax Deducted at Source of Rs. 4,93,171.7 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 comprise the minor head collection (as of 16.12.2021).

The cumulative Advance Tax collections for the first, second, and third quarters of the Fiscal Year 2021-22 are Rs. 4,59,917.1 crore as of 16.12.21, compared to Advance Tax collections of Rs. 2,99,620.5 crore for the corresponding period of the immediately preceding Financial Year, indicating a 53.5 percent increase (approx). Furthermore, the cumulative Advance tax collection of Rs. 4,59,917.1 crore as of 16.12.2021 (FY 2021-22) represents a 44.21 percent increase over the corresponding period in FY 2019-20 when advance tax collection (cumulative) was Rs 3,18,929.4 crore and a 49.76 percent increase over the corresponding period in FY 2018-19 when advance tax collection (cumulative) was Rs 3,07,096.3 crore.

As of 16.12.2021, the advance tax number of Rs 4,59,917.1 crore includes Corporation Tax (CIT) of Rs 3,49,045.4 crore and Personal Income Tax (PIT) of Rs 1,10,871.7 crore. This figure is expected to rise when more information from banks becomes available.

So far, refunds of Rs. 1,35,093.6 crore have been issued in F.Y 2021-22.