E-Paper
Direct tax collection in FY-21 at ₹9.45 lakh crore
According to the Union finance ministry the Centre’s net direct tax collection has grown 4.42% over the revised estimate of ₹9.05 lakh crore after giving ₹2.61 lakh crore refunds to the taxpayer
The Centre’s net direct tax collection grew 4.42% in 2020-21 at ₹9.45 lakh crore over the revised estimate (RE) of ₹9.05 lakh crore after giving ₹2.61 lakh crore refunds to the taxpayer, Union finance ministry said on Friday.
“According to the provisional data, the net direct tax collection for 2020-21 has shown an upswing, despite the inherent challenges faced by the economy due to the Covid-19 pandemic and the lockdown,” a spokesperson said.
Revenue secretary Tarun Bajaj said last week that the direct tax collections in February and March 2021 was good due to rapid economic recovery. “There has been an improvement in corporate tax and personal income tax collections. Figures are coming in still, but we should be crossing the RE figure of ₹9.05 lakh crore... This shows the economy is doing well,” he said in an interview with HT, published on April 2.
The net direct tax collections include corporation income-tax (CIT) at ₹4.57 lakh crore and personal income-tax (PIT), including security transaction tax (STT) at ₹4.88 lakh crore, an official statement said.
Also Read | Oil prices hold steady as investors weigh rising supplies, demand outlook
The gross collection of direct taxes before adjusting for refunds in the financial year ended March 31, 2021, is ₹12.06 lakh crore, it said. The gross collection comprises CIT at Rs. 6.31 lakh crore and PIT, including STT at ₹5.75 lakh crore.
Total collection of advance tax in the year is ₹4.95 lakh crore, tax deducted at source (TDS) at ₹5.45 lakh crore, self-assessment tax at ₹1.07 lakh crore, regular assessment tax at ₹42,372 crore, dividend distribution tax at ₹13,237 crore and tax under other minor heads at ₹2,612 crore, it said.
“Despite an extremely challenging year, the advance tax collections for FY 2020-21 stand at ₹4.95 lakh crore which shows a growth of approximately 6.7% over the advance tax collections of the immediately preceding financial year of ₹4.64 lakh crore,” it said.
Refunds amounting to ₹2.61 lakh crore have been issued in 2020-21 as against refunds of ₹1.83 lakh crore issued in 2019-20, marking an increase of approximately 42.1% over the preceding fiscal year, it said.
