The Business Bytes
TBB BUREAU
BHUBANESWAR, APRIL 26, 2022
The Net Direct taxes collection touched Rs. 14,09,640.83 crorein Financial Year 2021-22 (FY22). Collection jumped 49.02 per cent over that of the previous fiscal (FY21), mainly due to a low base effect, informed Central Board of Direct Taxes (CBDT) Chairman J B Mohapatra at a press conference here today. In FY21, the net collection stood at Rs. 9,45,934.34 crore, he added.
The Gross Direct Tax collection (before adjusting for refunds) for FY22 stood at Rs.16,34,454.95 crore compared to Rs. 12,31,270.52 crore in FY21,registering a growth of 32.75 percent.
Mohapatra further said that 2.43 crore refunds were issued during FY 2021-22, compared to 2.37 crore in FY 2020-21 amounting to Rs. 2,24,814 crore. This includes 2.01 crore refunds of Assessment Year (AY) 2021-22 itself due to faster processing of returns.
More than 7.14 crore Income Tax Returns (ITRs) were filed for AY 2021-22 as on 31.03.2022 on the new e-filing portal, compared to 6.97 crore ITRs filed for AY 2020-21 till 31.05.2021 (extended last date of the preceding year) representing an increase of 2.4 percent. Optimal utilization of technology resulted in reduction of time taken to process the verified ITRs, said Mohapatra, adding that the average processing time for ITRs filed for AY 2021-22 was 26 days.
In an encouraging news, the Odisha Region exceeded the Budget target by collecting Rs. 15,481 crore in FY 22 as against the target of Rs. 14,000 crore, resulting in achievement of 110.57 per cent. This included Gross collection of Rs.18,055 crore and refunds of Rs. 2,574 crore. The collection for FY22 marked an increase of 52.50 percent over the Budget collections of FY21. TDS collections in FY 2021-22 were at Rs. 6,594 crore marking an increase of 36.09 percent over FY21. Over 12.95 lakh ITRs were filed during FY 2021-22 compared to 10.44 lakh filed during FY 2020-21, informed the CBDT Chairman, adding that the growth in the Region was largely driven by the mining sector which contributed to almost 53 percent of the overall revenue of the region.
CBDT has undertaken several initiatives focussing on enhancing taxpayer services at every level and across the entire gamut of departmental functioning in recent times. Effective use of technology is being made to serve the taxpayers better and enhance the compliance experience.
A stable and certain tax regime has been instituted. To cut down unnecessary litigation which is burdensome for taxpayers, provision to reduce repetitive appeals has been rolled out. These, among other measures, have been instrumental in boosting the share of Direct Taxes to more than 51 percent in the total tax revenues of the Government. The CBDT Chairman hoped that with this taxpayer-centric and service-oriented approach, the tax-base would be further broadened and the share of Direct Taxes in the total tax revenues could be increased.
