INSUBCONTINENT EXCLUSIVE:
Over Rs 2.53 lakh crore has been collected through advance tax.New Delhi: The net personal income and corporate taxes collection grew 74
percent to Rs 5.70 lakh crore so far this fiscal, driven mainly by advance tax and TDS payments.The mop up of net direct tax (which is
arrived at after deducting refunds from gross collection) between April 1-September 22 was at Rs 5,70,568 crore, a 74.4 percent growth over
Rs 3.27 lakh crore collected in the same period last fiscal, the Central Board of Direct Taxes (CBDT) said in a statement
It is 27 percent growth over Rs 4.48 lakh crore collected in 2019-20.The gross direct tax collection so far this fiscal stands at over Rs
6.45 lakh crore, a 47 percent growth over Rs 4.39 lakh crore mopped up in the corresponding period of the preceding year
The gross collection was 16.75 percent higher than Rs 5.53 lakh crore collected between April 1-September 22 of 2019-20 fiscal.While over Rs
2.53 lakh crore has been collected through advance tax, Tax Deducted at Source (TDS) mop-up was over Rs 3.19 lakh crore
Self-assessment tax worth 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 1,383 crore has been mopped up."The cumulative advance tax collections for the first and second quarter of the
FY 2021-22 stand at Rs 2,53,353 crore as on September 22, 2021, against advance tax collections of Rs 1,62,037 crore for the corresponding
period of the immediately preceding financial year i.e 2020-21, showing a growth of 56 percent," the statement said.The advance tax
Rs 3.58 lakh crore and PIT was over Rs 2.86 lakh crore, while net CIT was at Rs 3.02 lakh crore and PIT was at Rs 2.67 lakh crore.Refunds
of the fiscal year 2021-22, the advance tax collection in the second quarter (July 1 to September 22, 2021) of FY 2021-22 is Rs 1.72 lakh
crore, which shows a growth of 51.50 percent over the corresponding period in FY 2020-21 when the advance tax collection was Rs 1.13 lakh
crore.Nangia Andersen LLP Partner Sandeep Jhunjhunwala said businesses, although not unscathed, were better prepared to ride the second
FY 2020-21 was a one of a kind year that caught taxpayers and governments across the world by surprise
Therefore, the 27 percent improvement in tax collection from FY 2019-20, when the economy was more stable than it is today, may be more
said that the improvement in advance tax collection over 2019-20 demonstrates a strong bounce back.(This story has not been edited by
TheIndianSubcontinent staff and is auto-generated from a syndicated feed.)
