New Delhi, April 27. A very good news has come for the Modi government. In fact, India’s net direct tax collection (Income Tax and Corporate Tax) or Direct Tax Collection (DTC) reached an all-time high of Rs 14.09 lakh crore in 2021-22. This shows an increase of 49.02 percent compared to the previous financial year 2020-21. This indicates the bounce back of the economy after the Kovid-19 pandemic.
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This information was given by JB Mohapatra, chairman of the Central Board of Direct Taxes (CBDT), as reported by HT. Mohapatra at the end of a conference said that the net direct tax collection (taking into account I-T refunds) was Rs 2.5 lakh crore higher than the Rs 11.37 lakh crore achieved in 2018-19, which is the highest for any fiscal till 2021-22. Highest in the year. Gross direct tax collection or Gross DTC for 2021-22 touched an all-time high of Rs 16.34 lakh crore, achieving a growth of over 32.75% over the previous fiscal.
Tax officials get help
Mohapatra said that this shows that the economy is back on track. He said that the record tax collection shows the strength of the Indian economy after the pandemic. He informed that a new Annual Information System which contains details of all financial transactions done during a financial year, helps the tax authorities to augment the collection.
Overtakes indirect tax collection
For the first time, direct tax collections overtook indirect tax collections, which accounted for 52 per cent of the total tax collections. Mohapatra said the target is to take it to 60 per cent in the next few years and increase the tax-GDP ratio to 15 per cent from the current 12 per cent in the next 15 years. The CBDT chairman said over 7.14 crore I-T returns were filed for 2021-22 on the e-filing portal, while over 6.97 crore were filed for 2020-21. In the financial year 2021-22 up to May 31, 2021, refunds amounting to Rs 2.24 lakh crore were issued.
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Record Good news for Modi government direct tax collection crossed Rs 14 lakh crore
India’s net direct tax collection (Income Tax and Corporate Tax) or Direct Tax Collection (DTC) reached an all-time high of Rs 14.09 lakh crore in 2021-22.
Story first published: Wednesday, April 27, 2022, 16:12 [IST]