Direct tax collection beats revised estimates, stands at Rs 13.63 lakh crore: CBDT chief

The direct tax collection for the financial year 2021-22 has outmatched the revised estimate of Rs 12.50 lakh crore, as it stood at Rs 13.63 lakh crore as of March 17, the Central Board of Direct Taxes (CBDT) Chairman JB Mohapatra said.

"The net collection number is Rs 13.63 lakh crore as compared to the revised estimate of Rs 12.50 lakh crore," Mohapatra said while speaking exclusively to CNBC TV18.

The CBDT chief added that the government's cumulative collection through tax deducted at source (TDS) currently stood at Rs 6.79 lakh crore and corporate tax collection stood at Rs 7.19 lakh crore.

"All parameters, including current year strains, were taken into consideration," he said, adding that "the numbers are more than what we expected".

Mohapatra also pointed out that the number of tax filings has substantially increased in this fiscal. "6.63 crore returns are filed this year," he said, adding that the returns are up by "16 percent" as compared to last year.

"Making the information easily available to the taxpayer is helping us," he further noted.

Govt beats FY22 direct tax collection estimate by over Rs 1 lakh crore. The mop-up as of March 17 stands at Rs 13.6 lakh crore. @ShereenBhan speaks to CBDT Chairman JB Mohapatra pic.twitter.com/REk2fki3zX

— CNBC-TV18 (@CNBCTV18News) March 17, 2022

Notably, the Ministry of Finance decided to monitor tax collections, as well as expenditure, on daily basis from March 15 in a bid to keep the government deficit within stated targets.

Officials who spoke to news agency PTI earlier this week said the daily monitoring of tax and non-tax revenue collections is aimed at helping the government to take timely corrective actions.

"The CBDT and CBIC have been asked to report flash figures up to the previous day latest by 12 noon. Besides, other non-tax and disinvestment receipts would have to be reported on a daily basis," an official was quoted as saying.