Bhubaneswar: The net direct tax collection has registered a whopping 49.02 per cent growth to over Rs 14.09 lakh crore in the 2021-22 fiscal as the country's economy "bounced back" after being hit by the COVID-19 pandemic, CBDT Chairman J B Mohapatra said here on Tuesday. The net direct tax mop-up was Rs 9.45 lakh crore in the previous financial year. "This growth clearly indicated that India's economy has strengthened and bounced back after two bad years," Mohapatra told reporters after a two-day annual conference of Income Tax India.
The net direct tax collection in FY 2021-22 has posted a growth of 34.16 per cent as compared to Rs 10.50 lakh crore mop up in FY 2019-20. The gross direct tax collection before adjusting for refunds in the 2021-22 fiscal (FY 22) stood at over Rs 16.34 lakh crore, registering a growth of 32.75 per cent from Rs 12.31 lakh crore in the FY21, he said. The gross collection in the 2021-22 fiscal has registered a growth of 32.42 per cent over that of the 2019-20 financial year.
The Central Board of Direct Taxes chief said 2.43 crore refunds in FY22 were issued, as compared to 2.37 crore in 2020-21, amounting to Rs 2,24,814 crore. "This includes 2.01 crore refunds of the assessment year 2021-22 itself due to faster processing of returns," he said. Mohapatra said more than 7.14 crore income tax returns (ITRs) were filed for assessment year (AY) 2021-22 as of March 31, 2022 on the new e-filing portal, up by 2.4 per cent over the previous year.