The government, which is facing a crisis on the revenue front due to COVID, has got a big relief. In the current financial year (2020-21), there has been an increase of 74 percent in the direct tax collection of the central government. Due to advance tax and TDS payment, the direct tax collection of the government has so far increased to Rs 5.90 lakh crore. Direct tax includes collection of personal income tax and and corporate tax.
Net direct tax collection up 74.4%
According to the data of the Central Board of Direct Taxes ie CBDT, the net direct tax collections have increased by about 75 percent so far. According to the data released on Friday, the net direct tax collection for the financial year 2021-22 has so far increased to Rs 5,70,568 crore with a growth of 74.4 per cent.
According to the data, Rs 5,70,568 crore has been deposited as direct tax collection till 22 September for the financial year 2021-22. Whereas in the same period of the last financial year i.e. 2020-21, there was a tax collection of Rs 3,27,174 crore. In the financial year 2021-22 till September 22, the net collection has registered an increase of 27 percent as compared to the financial year 2019-20. The net direct tax collection for the financial year 2019-20 was Rs 4,48,976 crore.
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Advance tax collection also increased
According to the data of the Ministry of Finance, out of Rs 5,70,568 crore received under Net Direct Tax Collection, Rs 3,02,975 crore of Corporate Tax (CIT) and Rs 2,67,593 crore of Personal Income Tax, Security Transaction Tax (STT) share of. In the financial year 2021-22, an increase of 16.75 percent has been registered in the gross collection as compared to the financial year 2019-20. Advance tax collection in the second quarter stood at Rs 1,72,071 crore after the initial challenging months of the financial year 2021-22. This is 51.50 percent more than the 1,13,571 crore collected in the financial year 2020-21.