There has been an increase in the number of people paying income tax in the country in the last few years. Now its impact is visible on the direct tax collected in the financial year 2021-22. According to the data presented by the Central Board of Direct Taxes (CBDT) on Thursday 17 March 2022, direct tax collection of Rs 13.63 lakh crore has been made in the financial year 2021-22 till Wednesday 16 March 2022.
Collection up by 40 percent: There has been a sharp jump in Direct Taxes this year as compared to the previous year. In the financial year 2021-22, the collection of personal tax has increased by 48 percent and the collection of corporate tax by 41 percent. If we talk about the figures, then this year till March 16, the direct tax collection was Rs 13.63 lakh crore, while this figure was Rs 11.18 lakh crore in 2018-19, Rs 10.28 lakh crore in 2019-20 and Rs 9.24 lakh crore in 2020-21. .
Talking to news agency PTI, Chairman of the Central Board of Direct Taxes JB Mohapatra said that “If you look at the total gross figures, today this figure is Rs 15.5 lakh crore, which is 38.3 percent compared to the financial year 2020-21 and the financial year 2019. It is 36.6 percent more than -20 and 32.7 percent more than the financial year 2018-19. This year CBDT has collected more than 15 lakh crore gross direct tax. Which is the highest level ever.
Tax collection above budget figures: Presenting the budget in Parliament on February 1, the country’s Finance Minister Nirmala Sitharaman had estimated the tax collection for the financial year 2022-23 at Rs 11.08 lakh crore, which was later increased to Rs 12.5 lakh crore.
Advance tax hike: Advance tax collection of Rs.6,62,896 crore was made till March 16, 2022 in this financial year as compared to Rs.4,70,984 crore in the previous financial year.
The gross tax collection in this financial year is Rs 15,46,894 crore which includes corporate tax 8,36,838 crore and personal income tax 7,10,056 crore.