NEW DELHI: The Centre's direct tax collections so far in 2021-22 (till June 15) stand at Rs 1,85,871 crore, compared with Rs 92,762 crore a year ago - a 100.4 per cent growth. According to a finance ministry statement, corporation tax stood at Rs 74,356 crore while personal income tax mop-up was Rs 1,11,043 crore (including security transaction tax).
The total collection comprises advance tax of Rs 28,780 crore, tax deducted at source (TDS) of Rs 1,56,824 crore, self-assessment tax of Rs 15,343 crore, regular assessment tax of Rs 14,079 crore. Dividend Distribution Tax collected during the period was Rs 1,086 crore.
Advance tax collections in the same period last year stood at Rs 11,714 crore. The department is expecting an increase in the figures as and when further information is received from banks.
The statement from the tax department also says that the gross collection of direct taxes (before adjusting for refunds), stood at Rs 2,16,602 crore for FY22. In comparison, the gross collection of direct taxes was Rs 1,37,825 crore last year.
Refunds to the tune of Rs 30,731 crore have also been issued in the current financial year, as on 15 June. The surge in direct tax collection vis-a-vis last year is attributed to healthy exports growth, continued industrial and construction work and to some extent collection from tax amnesty scheme Vivad Se Vishwas.
Aditi Nayar, chief economist at ICRA rating agency, said, "The jump in the direct tax collections in first quarter of the financial year reflects healthy exports and a continuation of various industrial and construction activities, given the lower stringency of the staggered regional lockdowns in 2021 compared to the nationwide lockdown in 2020."
However, Neeru Ahuja, partner, Deloitte India, thinks the primary reason for the jump in tax collection could be due to the success of Vivad Se Viswas scheme. She says that taxpayers have taken advantage of the Vivad se Vishwas scheme and have settled their old disputes and litigations with the income tax department along with depositing their tax dues.