Collection of income and corporation tax in 2021-22 best for 5 years: President of the CBDT

Direct tax collections jumped to Rs 14.09 lakh crore in 2021-22, registering an annual growth of 49.02% on strong growth in income and corporate tax catch-up, Chairman of the Board direct tax center (CBDT) says JB Mohapatra. Net direct tax collections for the financial year 2021-22 jumped to Rs 14,09,640.83 crore, showing a growth of 49.02%. Gross revenue from direct taxes for the year ended March 31 was Rs. 16,34,454.95 crore, showing a growth of 32.75%.

Refunds amounting to Rs 2,24,814.12 crore were issued during the 2021-22 financial year. Over 7.14 crore of tax returns for AY 2021-22 have been filed on the new e-filing portal, Mohapatra told reporters. Speaking to the Chairman of ANI CBDT, Mumbai is number one in India with a tax collection of Rs 4.4 lakh crore. Bangalore is number two followed by Delhi, Chennai, Hyderabad, Pune and Ahmadabad.

The gross direct tax collection (before adjustment for refunds) for the financial year 2021-22 stands at Rs 16,34,454.95 crore compared to Rs 12,31,270.52 crore in the financial year 2020-21, an increase of 32.75 percent. Gross collection in the financial year 2021-22 recorded a growth of 32.42% compared to collections in the financial year 2019-20 when gross collection was Rs 12,34,258.42 crore and growth of 25.84 % from collections in the financial year 2018-19 when gross collection was Rs 12,98,797.32 crore. In the 2021-22 financial year, repayments of 2.43 crore were issued compared to 2.37 crore in the 2020-21 financial year, or Rs 2.24814 crore. This includes refunds of 2.01 crore from AY 2021-22 itself due to faster processing of returns.

Over 7.14 crore tax returns (ITR) have been filed for AY 2021-22 as of March 31, 2022 on the new e-filing portal, compared to 6.97 crore ITR filed for AY 2020-21 as of 31.05. 2021 (extended the last date of the previous year) an increase of 2.4 percent. Optimal use of technology has reduced the time required to process verified ITRs. The average processing time for ITRs filed for YY 2021-22 is 26 days. About 22.43% of ITRs were processed the same day they were verified, the CBDT president said. (ANI)

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Luisa D. Fuller