Huge jump in net direct tax collection, reaches all-time high of Rs 14.09 lakh crore

There has been a huge jump in the net direct tax collection during the financial year 2021-22. It has reached its highest level. JB Mohapatra, Chairman, CBDT gave this information. Mohapatra said that the net direct tax collection (income tax and corporate tax) has reached an all-time high of Rs 14.09 lakh crore in FY 2021-22, from Rs 9.45 lakh crore in FY 2020-21. He said that during the financial year 2021-22 a growth of 49.02 percent has been witnessed in the net direct tax collection.

He said that this happened because the country’s economy has come back on track after being hit by the COVID-19 pandemic. “This growth clearly indicated that India’s economy has strengthened and has come back after two bad years,” Mohapatra told reporters after the two-day annual conference of Income Tax India.

The net direct tax collection in FY 2021-22 has registered a growth of 34.16 per cent as compared to Rs 10.50 lakh crore in FY 2019-20. He said that the gross direct tax collection before refund for the financial year 2021-22 was over Rs 16.34 lakh crore, showing a growth of 32.75 per cent from Rs 12.31 lakh crore in the financial year 2021.

The gross collection in the financial year 2021-22 increased by 32.42 percent as compared to the financial year of 2019-20. The head of the Central Board of Direct Taxes said 2.43 crore refunds worth Rs 2,24,814 crore were issued in FY 2022, while 2.37 crore refunds were issued in 2020-21.

Mohapatra said that over 7.14 crore Income Tax Returns (ITRs) were filed on the new e-filing portal for the assessment year (AY) 2021-22 till March 31, 2022, which is 2.4 per cent more than the previous year.