INSUBCONTINENT EXCLUSIVE:
Net Direct Taxation for 2021-22 have grown at a robust speed regardless of COVIDDespite the even worse condition due to COVID-19 which
affected economic development, the net direct tax collection has doubled to over Rs 2.49 lakh crore up until now this fiscal, mainly driven
by personal earnings tax and advance tax mop up, Earnings Tax department sources informed ANI.The net direct tax collections in between
April 1 and July 3 stood at Rs 2.49 lakh crore, compared to Rs 1.29 lakh crore over the corresponding duration of the preceding year,
representing a boost of 91 per cent over the collections of the preceding year
Net Direct Tax collections for the financial year (FY) 2021-22 have grown at a robust rate despite the disruption triggered by the COVID-19
pandemic on the economy.The gross collection of Direct Taxes (before changing for refunds) for the FY 2021-22 stands at Rs 2.86 lakh crore
compared to Rs 1.94 lakh crore in the corresponding period of the preceding year
This consists of Corporation Income Tax (CIT), Personal Earnings Tax (PIT), Security Deal Tax (STT) and innovative tax
This amount is anticipated to increase as additional information is gotten from banks.Commenting on the direct tax collection patterns
Earnings Tax department sources stated collection figures are encouraging and the department is very carefully positive to attain the
Spending plan target set by Union Financing Minister Nirmala Sitharaman
He added that transparent and reasonable tax system offers us the confidence, apart from revival of the economic activity, despite the hard
times, that we will have the ability to accomplish the existing target
The target for current fiscal has actually been set at Rs 11.08 lakh crore.Commenting on the direct taxation, Neeru Ahuja, Partner, Deloitte
India said, These are clearly favorable outcomes of an economy returning on track
Company optimism and the numerous compliance tracking efforts taken by the tax authorities
Earlier Central Board of Direct Taxes (CBDT) in a statement said Earnings Tax department has actually released refunds of over Rs 37,050
crore to more than 17.92 lakh taxpayers between April 1, 2021 to July 5, 2021
Income tax refunds of Rs 10,408 crore have actually been released in 16,89,063 cases and business tax refunds of Rs 26,642 crore have been
issued in 1,03,088 cases.
