Advance Tax Collection Rises 54% To Rs 4.60 Lakh Crore In 2021-22: Finance Ministry

The finance ministry on Friday mentioned advance tax assortment elevated by 53.50 per cent to Rs 4.60 lakh crore to date this fiscal yr, indicating restoration within the economic system. Direct tax collections for 2021-22, as on December 16, present that internet collections are at Rs 9.45 lakh crore in comparison with Rs 5.88 lakh crore over the year-ago interval, representing a rise of 60.8 per cent, the ministry mentioned in an announcement."The net collection (as on December 16) in FY22 has registered a growth of 40 per cent over the corresponding period of previous year when the net collection was Rs 6,75,409.5 crore, and a growth of 40.93 per cent over the corresponding period of 2018-19 when the net collection was Rs 6,70,739.1 crore," it mentioned.The cumulative advance tax collections for the primary, second and third quarter of 2021-22 stand at Rs 4,59,917.1 crore as on December 16, 2021, towards advance tax collections of Rs 2,99,620.5 crore for the corresponding interval of 2020-21, displaying a progress of about 53.5 per cent, it mentioned.Further, it exhibits a progress of 44.21 per cent over the corresponding interval in 2019-20 when the advance tax assortment(cumulative) was Rs 3.19 lakh crore and a progress of 49.76 per cent over the identical interval in 2018-19, it mentioned.The advance tax determine as on December 16, 2021 contains Corporation Tax (CIT) of Rs 3,49,045.4 crore and Personal Income Tax (PIT) of Rs 1,10,871.7 crore, it mentioned.This quantity is predicted to extend as additional data is awaited from banks, it added. The final date for fee of third installment of advance tax is December 15 yearly.The Net Direct Tax assortment was Rs 9,45,276.6 crore, together with CIT at Rs 5,15,870.5 crore (internet of refund) and PIT together with Security Transaction Tax (STT) at Rs 4,29,406.1 crore (internet of refund)."The gross collection of Direct Taxes (before adjusting for refunds) for 2021-22 (as on 16.12.2021) stands at Rs 10,80,370.2 crore compared to Rs 7,33,715.2 crore in the corresponding period of the preceding financial year. The gross collection for 2019-20 was Rs 8,34,398 crore and that for 2018-19 was Rs 7,96,342 crore in the corresponding period," it mentioned.The gross assortment of Rs 10,80,370.2 crore contains CIT at Rs 6,05,652.6 crore and PIT together with Security Transaction Tax(STT) at Rs 4,74,717.6 crore, it mentioned.Minor head clever assortment contains 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 underneath different minor heads of Rs 2390.6 crore, it mentioned.Refunds amounting to Rs 1,35,093.6 crore have additionally been issued in 2021-22 to date.