India's direct tax collection for the ongoing fiscal surpassed pre-pandemic levels and exceeded estimates.
The net direct tax collection for FY22 has jumped 48.4% over FY21, and 42.5% over FY20, according to a statement by the Finance Ministry. It's 34.96% higher than FY19 before the pandemic set in, the statement said.
The figure exceeds budget and revised estimate targets of Rs 11.08 lakh crore and Rs 12.50 lakh crore, respectively.
The numbers are expected to increase as banks continue to update figures.
The advance tax collection also rose 40.75% over FY21, 50.56% over corresponding period in FY20 and 30.82% over FY19.
The net direct tax collection stood at Rs 13.63 lakh crore. It comprises:
Corporation tax (net of refund): Rs 7.19 lakh crore.
Personal income tax, including security transaction tax (net of refund): Rs 6.4 lakh crore.
The gross collection of Rs 15.5 lakh crore includes:
Corporate tax: Rs 8.36 lakh crore
Personal tax: Rs 7.10 lakh crore
The advance tax of Rs 6.62 lakh crore comprises:
Corporate tax Rs 4.84 lakh crore
Personal tax: Rs 1,78,441.1 crore.
Refunds worth Rs 1.87 crore were issued in FY21-22
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