Net direct tax collections for FY22 as on June 15, 2021 were at Rs 1.85 lakh crore as compared to Rs 92,762 crore over the corresponding period of the preceding year, representing an increase of 100.4 per cent over the collections of the preceding year. The net direct tax collections include Corporation Tax (CIT) at Rs 74,356 crore (net of refund) and Personal Income Tax (PIT), including Security Transaction Tax (STT), at Rs 1.11 lakh crore (net of refund), said the Union Ministry of Finance on Wednesday. 

The gross collection of direct taxes before adjusting for refunds for FY22 stood at Rs 2.16 lakh crore as compared to Rs 1.37 lakh crore in the corresponding period of the preceding year. This includes CIT at Rs 96,923 crore and PIT, including STT, at Rs 1.19 lakh crore. Minor head-wise collection comprises Advance Tax of Rs 28,780 crore, Tax Deducted at Source of Rs 1.56 lakh crore, Self-Assessment Tax of Rs 15,343 crore, Regular Assessment Tax of Rs 14,079 crore, Dividend Distribution Tax of Rs 1,086 crore and tax under other minor heads of Rs 491 crore. 

“Despite extremely challenging initial months of the new financial year , the Advance Tax collections for the first quarter of the FY22 stand at Rs 28,780 crore as against Advance Tax collections of Rs 11,714 crore for the corresponding period of the immediately preceding financial year, showing growth of approximately 146 per cent. This comprises CIT at Rs 18,358 crore and PIT at Rs 10,422 crore. This amount is expected to increase as further information is received from banks,” the ministry said.