Good news has come out from the point of view of the Indian economy battling the second wave of Corona. According to the data released by the government on Wednesday, India’s net direct tax collection has more than doubled to more than Rs 1.85 lakh crore so far this fiscal. Till the same time last financial year, Rs 92,762 crore was received as direct tax.
Advance tax collection for Q1 FY22 is up 146%, says tax department. pic.twitter.com/jpzAwrRg3s
— BloombergQuint (@BloombergQuint) June 16, 2021
Advance tax collection in June quarter grew by 146 per cent to Rs 28,780 crore, refunds of Rs 30,731 crore issued so far in the current financial year. The Finance Ministry said in its statement that if we talk about the net direct tax collection, then the corporation tax has been Rs 73,365 crore, personal tax and security tax together is Rs 1,111,043 crore.
The ministry said in its statement, “The beginning of this financial year may have been a difficult few months, but the advance tax collection stood at Rs 28,780 crore. Which is an increase of 146% percent as compared to the previous year.