India’s collection from tax on personal and corporate income jumped over 48 per cent in the current fiscal after a 41 per cent surge in advance tax payments, mirroring sustained economic recovery in a year that witnessed two waves of coronavirus infections.
Net collections of direct taxes until March 16, 2022 in the fiscal year that started on April 1, 2021 stood at Rs 13.63 lakh crore, compared to Rs 9.18 lakh crore in the same period a year back, an official statement said.
The net collections in direct taxes, which is made up of income tax on individual income, corporation tax on profits of companies, property tax, inheritance tax and gift tax, in the current fiscal is 35 per cent higher than collection of Rs 9.56 lakh crore in the pre-pandemic year of 2019-20 (April 2019 to March 2020).
Advance tax collections, fourth installment of which was due on March 15, rose to Rs 6.62 lakh crore, up 40.75 per cent.