Gross direct tax collections have risen 47 per cent year-on-year to Rs 6.45 lakh crore during April 1-September 22 this year with net direct tax collections growing 74.4 per cent year-on-year to Rs 5.7 lakh crore, the Finance Ministry said in a statement on Friday. Advance tax mop-up also registered a 56.4 per cent growth to Rs 2.53 lakh crore during the same period, indicating a pickup in economic recovery after the impact of the first wave of Covid-19 pandemic last year and a greater compliance by bigger businesses.
Advance tax collection in the July-September quarter of 2021-22 financial year is Rs 1,72,071 crore, up 51.5 per cent over the corresponding period last fiscal. Net direct tax collections, which are the tax collections after adjusting for refunds, stood at Rs 5,70,568 crore in the current fiscal so far (till September 22). This includes Corporation Tax (CIT) at Rs 3.02 lakh crore and Personal Income Tax (PIT) at Rs 2.67 lakh crore.