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Direct Tax Collections Jump 51% YoY to Rs 2.8 Lakh Crore During April 1-June 15

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India’s direct tax collections jumped 51 per cent to Rs 2.8 lakh crore in the current quarter till June 15, compared with Rs 1.85 lakh crore in the year-ago same period. Total advance tax collections show growth of about 49 per cent year-on-year during April 1-June 15 to Rs 42,680 crore, against Rs 28,779 crore a year ago, sources told CNBC-TV18.

The total advance tax collections had posted around 45 per cent jump to Rs 28,779 crore during April 1-June 15, 2022. In the advance taxes, corporate tax saw an increase of 45 per cent to Rs 26,798 crore during the current quarter so far, against Rs 18,357 crore in the year-ago period, the sources said.

Advanced personal income tax registered a 52 per cent jump to Rs 15,881 crore, compared with Rs 10,422 crore a year ago, they said.

Region-wise, Cochin posted a growth of 134 per cent in the direct tax collections, Mumbai saw 60 per cent rise and Delhi witnessed a 57 per cent jump. The direct tax collection from Bengaluru also saw a jump of 57 per cent during April 1-June 15, compared to the corresponding period last year, the sources told CNBC-TV18.

The net direct tax collections (income tax and corporate tax) reached an all-time high of Rs 14.09 lakh crore in the financial year 2021-22 against Rs 9.45 lakh crore collections in FY 2020-21. The gross direct tax collection (before adjusting for refunds) for 2021-22 stood at Rs 16,34,454.95 crore compared with Rs 12,31,270.52 crore in 2020-21, thereby registering a growth of 32.75 per cent.

Apart from direct tax collections, GST collections in May hit an amount of Rs 1,40,885 crore, which was a 44 per cent year-on-year jump. However, it was a drop of 16 per cent as compared to the GST collections in April. The gross GST revenue collected in May 2022 was Rs 1,40,885 crore, of which CGST is Rs 25,036 crore, SGST is Rs 32,001 crore, IGST is Rs 73,345 crore (including Rs 37469 crore collected on import of goods) and cess is Rs 10,502 crore (including Rs 931 crore collected on import of goods).

This was only the fourth time the monthly GST collection crossed Rs 1.40-lakh-crore mark since the inception of GST and the third month at a stretch since March 2022. “The revenues for the month of May 2022 are 44 per cent higher than the GST revenues in the same month last year of Rs 97,821 crore. During the month, revenues from import of goods was 43 per cent higher and the revenues from domestic transaction (including import of services) are 44 per cent higher than the revenues from these sources during the same month last year,” said the finance ministry.

The gross GST revenue collected in the month of May 2022 is Rs 1,40,885 crore of which CGST is Rs 25,036 crore, SGST is Rs 32,001 crore, IGST is Rs 73,345 crore (including Rs 37469 crore collected on import of goods) and cess is Rs 10,502 crore (including Rs 931 crore collected on import of goods).

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