Advance tax collection has climbed by 53.50 percent to Rs 4.60 lakh crore so far this fiscal year, according to the finance ministry, indicating that the economy is improving. Direct tax collections for 2021-22, as of December 16, indicate net receipts of Rs 9.45 lakh crore, up from Rs 5.88 lakh crore the previous year, marking a 60.8 percent rise, according to the ministry.
"The net collection, as of December 16, in FY22 has registered a growth of 40 percent over the corresponding period of previous year when the net collection was Rs 6,75,409.5 crore, and a growth of 40.93 percent over the corresponding period of 2018-19 when the net collection was Rs 6,70,739.1 crore," it said.
The cumulative advance tax collections for the first, second and third quarter of 2021-22 stand at Rs 4,59,917.1 crore as on December 16, 2021, against advance tax collections of Rs 2,99,620.5 crore for the corresponding period of 2020-21, indicating a growth of about 53.5 percent, it said.
Further, it shows a growth of 44.21 percent over the corresponding period in 2019-20 when the advance tax collection cumulatively was Rs 3.19 lakh crore and a growth of 49.76 percent over the same period in 2018-19, it said.
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