Advance Tax Collection Increased By 41 Percent, Direct Tax Collection Also Increased By 48 Percent

Advance tax collection has increased by 41 percent in the current financial year in the country. With this, the tax collection from personal and corporate income has increased by more than 48 percent in the current financial year. This explains the continuous economic recovery in the economy affected by the corona virus epidemic. According to the official statement, the net direct tax collection in the current financial year till March 16, 2022 stood at Rs 13.63 lakh crore. It was Rs 9.18 lakh crore in the corresponding period of 2020-21 a year ago.

The net direct tax collection in the current financial year is 35 per cent higher as compared to the pre-pandemic 2019-20 at Rs 9.56 lakh crore. This category includes tax on personal income, tax on profits to companies, wealth tax and inheritance tax, and gift tax. Advance tax collection increased by 40.75 per cent to Rs 6.62 lakh crore. The last date for depositing its fourth installment was March 15.