Advance tax collection rises 54% to Rs 4.60 lakh crore

According to the finance ministry, advance tax collection increased by 53.50 per cent to Rs 4.60 lakh crore so far this fiscal year, indicating a recovery in the economy. Direct tax collections for 2021-22, as of December 16, show that net collections are at Rs 9.45 lakh crore compared to Rs 5.88 lakh crore over the year-ago period, representing an increase of 60.8 per cent.

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The cumulative advance tax collections for the primary, second and third quarter of 2021-22 stand at Rs 4,59,917.1 crore as on December 16, 2021, towards advance tax collections of Rs 2,99,620.5 crore for the corresponding interval of 2020-21, displaying a development of about 53.5 per cent.

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