I-T dept has made highest tax collection in its history: CBDT Chairman

The net collection numbers as on today is Rs 13.63 trn which is against Rs 11.18 trn of 2018-19, Rs 10.28 trn of 2019-20 and Rs 9.24 trn of 2020-21, he said

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Income tax collection | advance tax payment | Securities Transaction Tax

The Income Tax department has made the “highest” collection in its history, CBDT Chairman J B Mohaptra said on Thursday when the direct tax mop up jumped over 48 per cent in the current fiscal backed by a 41 per cent surge in advance tax payments.

The net collection numbers as on today is Rs 13.63 lakh crore which is against Rs 11.18 lakh crore of 2018-19, Rs 10.28 lakh crore of 2019-20 and Rs 9.24 lakh crore of 2020-21, he said.

“The year-on-year net collections today is more by 48.4 per cent over 2020-21, over 42.5 per cent of 2019-20 and 35 per cent over 2018-19. In the block of last four years, the net collection numbers are the highest,” the chief of the Central Board of Direct Taxes (CBDT) said.

“It beats the previous high by as much as Rs 2.5 lakh crore. This is the highest number of income tax collections thus far in the history of the department,” he told PTI.

The CBDT frames policy for the Income Tax department.

“If you look at the gross numbers, it is today Rs 15.50 lakh crore which is more by 38.3 per cent of 2020-21, more by 36.6 per cent of 2019-20, more by 32.7 per cent of 2108-19. We have never entered gross collection wise beyond Rs 12.79 lakh crore. This year, we have entered into Rs 15 lakh gross numbers which also is a historic high for the department,” he said.

On all counts, Mohapatra said, the tax collection numbers are the highest thus far in the history of the department.

Net direct tax collections until March 16, 2022, in the fiscal year that started on April 1, 2021, stood at Rs 13.63 lakh crore compared to Rs 9.18 lakh crore in the same period a year back, the CBDT said in a statement.

The net collections in direct taxes, which is made up of income tax on individual income, corporation tax on profits of companies, property tax, inheritance tax and gift tax, in the current fiscal is 35 per cent higher than the collection of Rs 9.56 lakh crore in the pre-pandemic year of 2019-20 (April 2019 to March 2020).

Advance tax collections, the fourth installment of which was due on March 15, rose to Rs 6.62 lakh crore, up 40.75 per cent, the statement said, adding refunds aggregating to Rs 1.87 lakh crore have been issued in the current fiscal.

Almost 53 per cent of all direct tax collection was from corporate tax, while 47 per cent came from personal income tax, including securities transaction tax (STT) on shares.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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