Net direct tax mop-up grows by 45% during 1 April-16 June 2022
Net direct tax collections rose by 45 per cent to Rs.3.4 trillion during 1 April-16 June 2022 as compared to Rs.2.3 trillion collected during the same period a year ago. It includes corporation tax (CIT) at over Rs.1.7 trillion and personal income tax (PIT), including security transaction tax (STT), at over Rs 1.7 trillion. Gross collection of direct taxes, before adjusting for refunds, during 1 April-16 June 2022, stood at Rs.3.7 trillion as compared to Rs.2.6 trillion in the corresponding period of the preceding year. This represents an increase of almost 40 per cent over the gross tax collections of the preceding year. Advance tax collection grew by 33 per cent during 1 April-16 June 2022 to more than Rs.1 trillion as compared to Rs.757.8 billion collected during the same period a year ago.