Direct tax collection up by 5% for FY 2020-21; refund increased by 42%
Direct tax collection up by 5% for FY 2020-21; refund increased by 42%
Image by mohamed Hassan from Pixabay

Despite the COVID-19 pandemic, the provisional figures of direct tax collections for the financial year 2020-21 was up by 5 per cent. The net collections were at Rs 9.45 lakh crore, stated the finance ministry.

The net direct tax collections include Corporation Tax (CIT) at Rs 4.57 lakh crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) was at Rs 4.88 lakh crore. The net direct tax collections represent 104.46 per cent of the revised estimates of Rs 9.05 lakh crore of direct taxes for FY 2020-21.

The government refunded Rs 2.61 lakh crore in the FY 2020-21 as against refunds of Rs 1.83 lakh crore issued in the FY 2019-20. It increased by approximately 42.1 per cent over the preceding Financial Year.

Meanwhile, the gross collection of direct taxes (before adjusting for refunds) for FY 2020-21 stands at Rs 12.06 lakh crore. This includes CIT at Rs 6.31 lakh crore and PIT including 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.

According to the ministry, despite an extremely challenging year, the Advance Tax collections for FY 2020-21 has grown by around 6.7 per cent and was at Rs 4.95 lakh crore.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal

www.freepressjournal.in