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Tuesday, April 20, 2021

Direct tax collections at Rs 9.45 lakh crore in FY21, exceeds revised estimates: FinMin

Direct Tax collection: 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) at Rs 4.88 lakh crore.

By: Express Web Desk | New Delhi |
Updated: April 9, 2021 1:13:59 pm
direct tax mop-up, direct tax collections, fy21 drect tax collectionsThe provisional figures of direct tax collections for the financial year 2020-21 show that net collections are at Rs 9.45 lakh crore, a statement by the finance ministry said. (Representative image)

India’s direct tax collections for financial year 2020-21 (FY21) were at Rs 9.45 lakh crore, according to a statement released by the Ministry of Finance on Friday. The net direct tax collections represent 104.46 per cent of the revised estimates of Rs 9.05 lakh crore of direct taxes for the FY21, the statement said.

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) at Rs 4.88 lakh crore.

“The net direct tax collections for the FY 2020-21 have shown an upswing, despite the inherent challenges brought on by the COVID-19 pandemic on the economy,” the statement said.

The government said that despite an extremely challenging year, the advance tax collections for FY21 stand at Rs 4.95 lakh crore, depicting a year-on-year growth of approximately 6.7 per cent.

The ministry added that refunds amounting to Rs 2.61 lakh crore have been issued in FY21 as against refunds of Rs 1.83 lakh crore in the FY20, thereby marking a rise of nearly 42.1 per cent on-year.

The statement said that these figures are as yet provisional and subject to change pending the final collation of data collections.

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