Despite the worsening economic situation caused by COVID-19, the net direct tax collection has more than doubled to over 2.49 lakh crore so far this fiscal, mainly due to personal income tax and advance tax mop-up, according to Income Tax department sources. Between April 1 and July 3, net direct tax revenues totaled 2.49 lakh crore, up from 1.29 lakh crore in the same period the previous year, marking a 91 percent raise. Between April 1 and July 3, net direct tax revenues totaled 2.49 lakh crore, up from 1.29 lakh crore in the same period the previous year, marking a 91 percent raise.
The gross collection of direct taxes (before accounting for refunds) for FY 2021-22 is 2.86 lakh crore, up from 1.94 lakh crore in the previous year's similar period. Corporation Income Tax (CIT), Personal Income Tax (PIT), Security Transaction Tax (STT), and advanced tax are all examples of this. As more information from banks becomes available, this figure is projected to rise. Commenting on the current state of direct tax collecting According to officials in the Income Tax Department, collection data are positive, and the department is cautiously hopeful about meeting Union Finance Minister Nirmala Sitharaman's Budget objective.
Neeru Ahuja, Partner, Deloitte India, commented on the direct tax collection, saying, "These are unmistakably positive consequences of a recovering economy. The tax authorities' numerous compliance tracking activities and business optimism."
The Central Board of Direct Taxes (CBDT) previously stated in a statement that the Income Tax Department granted refunds totaling over 37,050 crores to over 17.92 lakh taxpayers between April 1, 2021, and July 5, 2021. In 16,89,063 cases, income tax refunds of 10,408 crore were issued, and corporate tax refunds of 26,642 crore were issued in 1,03,088 cases.
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