Net Direct Tax collections: The Income Tax Department said that in the current financial year so far, the Net Direct Tax collection has been 1.86 lakh crore and it has increased by 100 percent. There has been a jump of 146 percent in advance tax collection.
So far in the current financial year, refunds of Rs 30,731 crore have been issued.
Direct Tax Collections: Amidst the Corona crisis, fiscal pressure and fall in revenue, there is double good news for the government today. There has been a 100% jump in direct tax collection in the first three months of the current financial year (2021-22). That means it has doubled. Apart from this, within the first 15 days of June, the country’s exports have increased by 46.43 percent. Between June 1-14, the country’s total exports stood at $ 14.06 billion.
According to the information given by the Income Tax Department, the net direct tax collection so far in the current financial year has been 1.85 lakh crores. Personal income tax has a major contribution in this. In this figure, the corporate income tax collection is 74356 crores. Apart from this, the personal income tax which includes security transaction tax is 1.11 lakh crores.
Net Direct Tax collections for FY 2021-22 at Rs. 1.86 lakh crore, show growth of over 100% over collections of corresponding period in preceding yr.
Advance Tax collections for the first quarter of FY 2021-22 are at Rs. 28,780 crore &show a growth of 146% over same period last yr pic.twitter.com/fgUCmVuO1j
— Income Tax India (@IncomeTaxIndia) June 16, 2021
Direct tax collection doubled
According to the information shared by the Income Tax Department, between April 1 and June 15, the net direct tax collection (after returning the refund) stood at 185871 crores. It was Rs 92762 crore in the same period last year. In this way, an increase of 100.40 percent has been registered in it. So far in the current financial year, refunds of Rs 30,731 crore have been issued.
2.16 lakh crore gross direct tax collection
The gross direct tax collection so far in the current financial year stood at 2.16 lakh crore. It was Rs 1.37 lakh crore in the same period last year. Gross personal income tax stood at Rs 1.19 lakh crore and gross corporate income tax was Rs 96,923 crore.
47 percent jump in exports
On the other hand, in the first 15 days of June, the country’s exports grew by 46.43 percent and stood at $ 14.06 billion. Engineering, Gems and Jewelery, Petroleum products have a major contribution in this. However, imports have also increased by 98.33 percent in the first two weeks of June. This figure has been $ 19.59 billion.
52.39 percent gain in first week
According to government data, exports grew by 52.39 percent in the first week of June and this figure stood at $ 7.71 billion. At the same time, it gained 40 percent in the second week and it stood at $ 6.35 billion. In the first two months of the current financial year i.e. April and May, the country’s total exports stood at $ 62.89 billion, compared to $ 29.41 billion in the same period of 2020.
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