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Pre-tax recovery increased 54% to Rs 4.60 Lakh Crore In 2021-22: Ministry of Finance

Pre-tax revenue increased by 54% to Rs 4.60 Lakh Crore in 2021-22

Pre-tax revenue increased by 53.50% to Rs 4.60 lakh crore so far this fiscal

The Treasury Department on Friday said pre-tax collection has increased by 53.50% to Rs 4.60 lakh crore so far this financial year, indicating a recovery in the economy. The Direct Tax Collector for 2021-22, on December 16, shows that net collection was Rs 9.45 lakh crore compared to Rs 5.88 lakh crore from a year ago, an increase of 60.8 %, the ministry said in a statement. .

“Net revenue (as of December 16) in Fiscal Year 22 recorded a growth of 40% y/y when net revenue was Rs 6,75,409.5 and growth of 40.93% y/y. with the corresponding period of 2018-19 when net collection was Rs 6,70,739.1”, it said.

The cumulative pre-tax collection for Q1, Q2 and Q3 2021-22 stood at Rs 4,59,917.1 as of December 16, 2021, compared with Rs 2,99,620.5 pre-collection for the period corresponding period of 2020-21, showing growth of about 53.5%, it said.

Furthermore, it shows a growth of 44.21% y/y during 2019-20 when the pre-collected (cumulative) tax amount is Rs 3.19 lakh crore and a growth of 49.76% y/y the same period of 2018-2019.

Advance tax figures as of December 16, 2021 include Corporation Tax (CIT) of Rs 3,49,045.4 and Personal Income Tax (PIT) of Rs 1,10,871.7.

This amount is expected to grow as banks await more information. The last day to pay the 3rd installment of advance tax is December 15 every year.

Net Direct Tax Collection is Rs 9,45,276.6, including CIT of Rs 5,15,870.5 (net refund) and PIT including Secured Transaction Tax (STT) of Rs 4,29,406.1 ( net refund).

“Total Direct Tax Revenue (before adjustment for refund) for the period 2021-22 (as of December 16, 2021) was Rs 10,80,370.2 compared with Rs 7,33,715.2 for the corresponding period of the year. The total collection for 2019-20 is Rs 8,34,398 and for 2018-19 is Rs 7,96,342 for the respective period,” it said.

Total collection of Rs 10,80,370.2 including CIT at Rs 6,05,652.6 and PIT including Secured Transaction Tax (STT) at Rs 4,74,717.6.

Smallhead wise revenue includes upfront tax Rs 4,59,917.1, Withholding tax at source Rs 4,93,171.7, Self-assessed tax of Rs 74,336.2; Normal Assessment Tax Rs 44,028.7; The dividend distribution tax is Rs 6,525.9 and the tax under other minor heads is Rs 2390.6, it said.

Cashback up to Rs 1,35,093.6 has also been issued for 2021-22 so far.

https://www.ndtv.com/business/advance-tax-collection-rises-54-to-rs-4-60-lakh-crore-in-2021-22-finance-ministry-2657401 Pre-tax recovery increased 54% to Rs 4.60 Lakh Crore In 2021-22: Ministry of Finance

Emma James

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