Net direct tax collection reaches highest figure of Rs 14.09 lakh crore in FY22

Central Board of Direct Taxes (CBDT) Chairman Mr. J.B. Mohapatra stated that net direct tax collections (income tax and corporate tax) hit an all-time high of Rs. 14.09 lakh crore (US$ 183.7 billion) in the fiscal year 2021-22, up from Rs. 9.45 lakh crore (US$ 123.20 billion) in the fiscal year 2020-21. He said that the net direct tax collection increased by 49.02% in the fiscal year 2021-22, with a growth of 34.16% over the fiscal year 2019-20, when the net collection was Rs. 10,50,680.56 crore (US$ 136.99 billion), and a growth of 23.90% over the fiscal year 2018-19 when the net collection was Rs. 11,37,718.48 crore (US$ 148.34 billion).

According to him, gross direct tax collection for 2021-22 is Rs. 16,34,454.95 crore (US$ 213.13 billion), up from Rs 12,31,270.52 crore (US$ 160.55 billion) in 2020-21, an 32.75% increase. He further stated that the gross collection in 2021-22 increased by 32.42% compared to the gross collection in 2019-20, which was Rs 12,34,258.42 crore (US$ 160.94 billion), and by 25.84% compared to the gross collection in 2018-19, which was Rs 12,98,797.32 crore (US$ 169.36 billion).

On the new e-filing platform, more than 7.14 crore Income Tax Returns (ITRs) were filed for AY 2021-22 as of March 31, 2022, compared to 6.97 crores ITRs filed for AY 2020-21 till May 31, 2021 (extended last date of the previous year), marking a 2.4% increase. According to him, the country's phenomenal growth in direct and indirect tax receipts suggests that the Indian economy is growing.

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