Indicates economy’s recovery: FinMin
The finance ministry on Friday said advance tax collection increased by 53.50% to ₹4.60 lakh crore so far this fiscal year, indicating recovery in the economy.
Direct tax collections for 2021-22, as on December 16, show that net collections are at ₹9.45 lakh crore compared with ₹5.88 lakh crore over the year-earlier period, representing an increase of 60.8%, the ministry said.
“The net collection [as on December 16] in FY22 has registered a growth of 40% over the corresponding period of the previous year when the net collection was ₹6,75,409.5 crore, and a growth of 40.93% over the corresponding period of 2018-19 when the net collection was ₹6,70,739.1 crore,” the ministry said.
The cumulative advance tax collections for the first, second and third quarter of 2021-22 stand at ₹4,59,917.1 crore as on December 16, 2021, against advance tax collections of ₹2,99,620.5 crore for the corresponding period of 2020-21, a growth of about 53.5%, it said.
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