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Direct Tax collections for last financial year go up by 5 pct to Rs 9.45 lakh crore
Direct Tax collections for last financial year go up by 5 pct to Rs 9.45 lakh crore
Direct Tax collections for the last financial year (FY21) show growth of almost five per cent despite the challenges posed by the Covid-19 pandemic.
Direct Tax collections for the last financial year (FY21) show growth of almost five per cent despite the challenges posed by the Covid-19 pandemic. Finance Ministry informed that the provisional figures of Direct Tax collections for the Financial Year 2020-21 show that net collections are at Rs 9.45 lakh crore. The Direct Tax collections include Corporation Tax and Personal Income Tax.
The Ministry said that the Advance Tax collections for the last financial year stand at Rs 4.95 lakh crore, which shows a growth of approximately 6.7 per cent, compared to the previous financial year 2019-20 (FY20). The advance tax collections in the preceding fiscal year stood at Rs 4.64 lakh crore.
Ministry of Finance tweeted, "Provisional Direct Tax collections for the Financial Year 2020-21 show growth of almost 5%. Net Direct Tax collections represent 104.46% of the Revised Estimates of Rs. 9.05 lakh crore of Direct Taxes for the F.Y. 2020-21."
According to the Finance Ministry, refunds amounting to Rs 2.61 lakh crore have been issued in the financial year 2020-21 as against refunds of Rs 1.83 lakh crore issued in the financial year 2019-20.
The net direct tax collections represent 104.46 per cent of the revised estimates of Rs 9.05 lakh crore of direct taxes for fiscal 2020-21, government data showed.
The net direct tax collections include the corporation tax (CIT) which was Rs 6.31 lakh crore, and the personal income tax (PIT), involving the security transaction tax (STT) at Rs 5.75 lakh crore, advance tax of Rs 4.95 lakh crore.
According to the Finance Ministry data, the gross direct tax collection – before adjusting the refunds - for FY21 stood at Rs 12.06 lakh crore and after taking out the refunds of Rs 2.61 lakh crore, the net mop up stood at Rs 9.45 lakh crore. There was a 42.1 per cent growth in the issuance of refunds.
The gross direct tax collections include Corporation Tax (CIT) at Rs 6.31 lakh crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs 5.75 lakh crore; Advance Tax of Rs 4.95 lakh crore; Tax Deducted at Source (including Central TDS) of Rs. 5.45 lakh crore; Self-Assessment Tax of Rs 1.07 lakh crore; Regular Assessment Tax of Rs 42,372 crore; Dividend Distribution Tax of Rs 13,237 crore and Tax under other minor heads of Rs 2,612 crore.
