Net direct tax mop-up jumps 74% to Rs 5.70 lakh crore

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The net direct tax mop up between April 1 and September 22 of the current fiscal year stood at Rs 5,70,568 crore, up 74.4% growth from Rs 3.27 lakh crore collected in the same period of the previous fiscal year, finance Ministry said in a statement on Friday. It is 27% growth over Rs 4.48 lakh crore collected in 2019-20. Direct tax mop up is the difference between gross collections and refunds.

The net direct tax collection includes corporation Tax (CIT) at Rs 3,02,975 crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs. 2,67,593 crore.

The gross collection of direct taxes, before factoring in the refunds, for the FY 2021-22 stood at Rs 6,45,679 crore, up 47% from Rs 4,39,242 crore in the corresponding period of the preceding financial year. The gross collection was nearly 17% higher than Rs 5.53 lakh crore collected between April 1-September 22 of 2019-20 fiscal.

“The Gross collection of Rs 6,45,679 crore includes Corporation Tax (CIT) at Rs 3,58,806 crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs 2,86,873 crore. Minor head wise collection comprises Advance Tax of Rs 2,53,353 crore; Tax Deducted at Source of Rs 3,19,239 crore; Self-Assessment Tax of Rs 41,739 crore; Regular Assessment Tax of Rs 25,558 crore; Dividend Distribution Tax of Rs 4,406 crore and Tax under other minor heads of Rs 1383 crore,” the statement said.

The advance tax collection in Q2FY22 stood at Rs 1,72,071 crore, which shows a growth of 51.50% over the corresponding period in FY21 when the Advance Tax collection was Rs 1,13,571 crore, the statement added.

Refunds amounting to Rs. 75,111 crore have been issued in the FY22 so far.