Direct tax Collections Surged To Rs 14.09 Lakh Crore In 2021-22

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 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 2021-22. More than 7.14 crore income tax returns for assessment year 2021-22 have been filed on the new e-filing portal, Mr Mohapatra told reporters.

He further said that Mumbai is the leading city 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 collections (before adjusting for refunds) for the financial year 2021-22 stand at Rs 16,34,454.95 crore compared to Rs 12,31,270.52 crore in 2020-21, showing an increase of 32.75 per cent.