Income and corporation tax collection in 2021-22 best in 5 years: CBDT Chairman
Bhubaneswar (Odisha) [India], April 27 (ANI): Direct tax collections surged to Rs 14.09 lakh crore in 2021-22 registering a year-on-year growth of 49.02 per cent on the back of strong growth in mop-up from income and corporation tax, Central Board of Direct Taxes (CBDT) Chairman J B Mohapatra said.
ANI
Apr 27, 2022 15:12 IST
Bhubaneswar (Odisha) [India], April 27 (ANI): Direct tax collections surged to Rs 14.09 lakh crore in 2021-22 registering a year-on-year growth of 49.02 per cent on the back of strong growth in mop-up from income and corporation tax, Central Board of Direct Taxes (CBDT) Chairman J B Mohapatra said.
Net direct tax collections for the FY 2021-22 surged to Rs 14,09,640.83 crore, showing a growth of 49.02 per cent. Gross direct tax collections for the financial year ended March 31, stood at Rs 16,34,454.95 crore showing a growth of 32.75 per cent.
Refunds amounting to Rs 2,24,814.12 crore have been issued in FY 2021-22. More than 7.14 crore Income Tax Returns for AY 2021-22 have been filed on the new e-filing portal, Mohapatra told reporters.
Talking to ANI CBDT chairman said, Mumbai is number one in India with a tax collection of Rs 4.4 lakh crore. Bengaluru is number two followed by Delhi, Chennai, Hyderabad, Pune, and Ahmadabad.
The gross direct tax collection (before adjusting for refunds) for the FY 2021-22 stands at Rs 16,34,454.95 crore compared to Rs 12,31,270.52 crore in the FY 2020-21, representing an increase of 32.75 per cent. The gross collection in FY 2021-22 has registered a growth of 32.42 per cent over the collections of FY 2019-20 when the gross collection was Rs 12,34,258.42 crore and a growth of 25.84 per cent over the collections of FY 2018-19 when the gross collection was Rs 12,98,797.32 crore.
During FY 2021-22, 2.43 crore refunds were issued compared to 2.37 crore in FY 2020-21 amounting to Rs 2,24,814 crore. This includes 2.01 crore refunds of AY 2021-22 itself due to faster processing of returns.
More than 7.14 crore Income Tax Returns (ITRs) were filed for AY 2021-22 as on 31st March 2022 on the new e-filing portal, compared to 6.97 crore ITRs filed for AY 2020-21 till 31.05.2021 (extended the last date of the preceding year) representing an increase of 2.4 per cent.
Optimal utilization of technology has resulted in a reduction in the time taken to process the verified ITRs. The average processing time for ITRs filed for AY 2021-22 is 26 days. About 22.43 per cent ITRs were processed on the same day as they were verified, the CBDT chairman said. (ANI)
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