Tax Assortment: Web direct tax assortment reaches highest-ever determine in FY 22

The web direct tax collections (revenue tax and company tax) reached an all time excessive of Rs 14.09 lakh crore in monetary yr 2021-22 towards Rs 9.45 lakh crore collections in FY 2020-21, CBDT Chairman J.B. Mohapatra stated on Tuesday.

The web direct tax assortment has elevated by 49.02 per cent throughout monetary yr 2021-22, whereas it has registered a development of 34.16 per cent in FY 2021-22 over the collections of 2019-20 when the online assortment was Rs 10,50,680.56 crore, and a development of 23.90 per cent over 2018-19 when the online assortment was Rs 11,37,718.48 crore, he stated.

The gross direct tax assortment (earlier than adjusting for refunds) for 2021-22 stands at Rs 16,34,454.95 crore in comparison with Rs 12,31,270.52 crore in 2020-21, thereby registering a development of 32.75 per cent, stated Mohapatra.

He additionally stated that the gross assortment in 2021-22 has registered a development of 32.42 per cent over the collections of 2019-20 when the gross assortment was Rs 12,34,258.42 crore and a development of 25.84 per cent over the collections of 2018-19 when the gross assortment was Rs 12,98,797.32 crore.

Over the past monetary yr, 2.43 crore refunds had been issued in comparison with 2.37 crore in 2020-21 amounting to Rs 2,24,814 crore. This consists of 2.01 crore refunds of AY 2021-22 itself attributable to quicker processing of returns.

Greater than 7.14 crore Earnings Tax Returns (ITRs) had been filed for AY 2021-22 as on March 31, 2022 on the brand new e-filing portal, in comparison with 6.97 crore ITRs filed for AY 2020-21 until Might 31, 2021 (prolonged final date of the previous yr) representing a rise of two.4 per cent.

Mohapatra stated that the great development in direct and oblique tax collections within the nation signifies the strengthening of the Indian economic system. Numerous reforms have been undertaken leading to all these optimistic outcomes, he added.

Concerning the funds assortment of Odisha area, he stated it has exceeded the funds goal over the last fiscal.

The area has collected Rs 15,481 crore within the final monetary yr towards a goal of Rs 14,000 crore, and the gathering throughout FY 2021-22 marked a rise of 52.50 per cent over the Funds collections of earlier yr. The state has large potential and is rising at par with nationwide statistics when it comes to tax collections, he added.
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