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Amid COVID-19 second wave, direct tax collection in FY22 so far jumps 85%: Report

The direct tax collection so far in 2021-22 is reportedly 33 percent higher than the collection in the same duration in the fiscal year 2019-20

June 14, 2021 / 08:43 AM IST
Direct tax collection, net of refunds, was Rs 1.62 lakh crore up to June 11, 2021, 85 percent higher than Rs 87,700 crore collected during the same period in FY21, Business Standard reported.

Direct tax collection, net of refunds, was Rs 1.62 lakh crore up to June 11, 2021, 85 percent higher than Rs 87,700 crore collected during the same period in FY21, Business Standard reported.


Even during the second wave of COVID-19, direct tax collection has nearly doubled in FY22 so far, compared with the same period in the previous fiscal year.

Direct tax collection, net of refunds, was Rs 1.62 lakh crore up to June 11, 2021, 85 percent higher than Rs 87,700 crore collected during the same period in FY21, Business Standard reported.

The direct tax collection so far in 2021-22 is also 33 percent higher than the collection in the same duration in the fiscal year 2019-20, the report said.

Collection this year is closer to the realisation recorded after the first advance tax installment (June 15) in FY21, which was Rs 1.68 lakh crore.

Moneycontrol could not independently verify the story.

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Tax officials are puzzled by the numbers, Business Standard reported.

Some officials think it is partially due to payments from the Vivad se

Vishwas (VsV) Direct Tax Dispute Resolution Scheme and lower issuance of refunds, the report said.

Other officials have attributed the rise of indirect tax collection to increased compliance and enforcement due to the sharing of GST data with the Central Board of Direct Taxes (CBDT).

Gross tax collection so far this fiscal year stood at Rs 1.93 lakh crore, 54 percent higher than the number in the same period last year.

Refunds in FY21 so far were Rs 31,000 crore, 17 percent lower than the refunds issued during the same timeframe in FY22.
Moneycontrol News
first published: Jun 14, 2021 08:43 am

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