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Direct Tax Collection: 49% growth in direct tax collection in FY 2022

Direct Tax Collection: The direct tax collection of the country is showing good growth, which is an indication that the economy is returning on track after the corona epidemic. In the financial year 2021-22, the country’s direct tax collection or direct tax collection has increased by 49.02 percent to Rs 14.09 lakh crore. CBDT Chairman JB Mohapatra has given this information yesterday. In the previous financial year, the direct tax collection was Rs 9.45 lakh crore.

Indian economy is returning to strength: CBDT Chairman
J B Mohapatra, while addressing the reporters after the two-day annual conference of Income Tax, said that such good growth in direct tax collection is a clear indication that the Indian economy is now strong after two difficult and bad years. But the growth rate is increasing.

Good growth in other figures as well
The growth that has come in the net direct tax collection in the financial year 2021-22 is 34.16 percent more than the financial year 2019-20 and it can also be called good growth. The gross direct tax collection before adjusting for refund stood at Rs 16.34 lakh crore in FY 2021-22, showing a growth of 34.16 per cent as compared to Rs 12.31 lakh crore in FY21. Apart from this, in the financial year 2021-22, the gross collection is showing an increase of 32.42 percent as compared to the financial year 2019-20.

There has been a spurt in the refund process
The Central Board of Direct Taxes chief said that 2.43 crore refunds have been issued in the financial year 2022 and these were on the figure of 2.37 crore refunds in the financial year 2020-21. In the financial year 2021-22, it has been Rs 2,24,814 crore. These also include refunds of Rs 2.01 crore for assessment year 2021-22, indicating a faster completion of the refund process.

Return filing also increased
JB Mohapatra also said that in the financial year 2021-22, 7.14 crore income tax returns for assessment year 2021-22 have been filed on the new e-filing portal and this is 2.4 percent more than the previous year. This figure is as of 31 March 2022.

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