Home News Gross direct tax collections up 35.46% y/y to touch Rs 6.48 lakh crore till September 8

Gross direct tax collections up 35.46% y/y to touch Rs 6.48 lakh crore till September 8

by WOOWinvest
0 comment
Gross direct tax collections up 35.46% y/y to touch Rs 6.48 lakh crore till September 8


Gross direct tax collections in the ongoing fiscal year till September 8 totaled `6.48 ​​lakh crore, up 35.46% compared with the tax collected in the same period of the last fiscal year. Net of refunds, direct tax collections since April 1 increased 30.17% to Rs 5.29 lakh crore, data showed.

The net collection is 37.24% of the direct tax collection estimated in the budget for this fiscal year, the Central Board of Direct Taxes said in a statement.

“After adjustment of refunds, the net growth in corporate income tax collections is 32.73% and that in personal income tax collections (including securities transaction tax) is 28.32%,” the statement said.

The Income Tax Department has issued refunds amounting to Ra 1.19 lakh crore, 65.29% higher than in the year ago period. The Center expects its net direct tax collection to exceed the Rs 14.20 lakh crore target set in the budget for this fiscal. “As the economy continues to recover from the Covid downturn, the efforts at nudging taxpayers to better compliance through a combination of technology intervention and data reporting are paying off, and tax collections continue on their upward trajectory,” said Rohinton Sidhwa, partner, Deloitte India.

He said a clearer picture of the trend would be available by the calendar year-end as filings come in for corporate tax returns and audit examinations also complete.

You may also like

Leave a Comment

Our Mission is to help you make better trading decisions by providing actionable investing content, comprehensive tools, educational resources and assist you in making more money in the stock market.

Latest News

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

@2022 – All Right Reserved. Designed and Developed by WOOW Invest

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy