NEW DELHI: Net direct tax collections for the financial year 2020/21 have shown an upswing, despite the inherent challenges brought on by the COVID-19 pandemic. The provisional figures of direct tax collections for the financial year 2020-21 showed that net collections are at Rs 9.45 lakh crore. The net collection is around 5 per cent higher than the revised estimates for 2020-21.
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 represent 104.46% of the Revised Estimates of Rs 9.05 lakh crore of direct taxes for the FY 2020-21," said a Finance Ministry statement.
The gross collection of direct taxes, before adjusting for refunds, for the FY21 stands at Rs 12.06 lakh crore, including corporation tax of Rs 6.31 lakh crore and personal income tax (including STT) of Rs 5.75 lakh crore.
It also includes 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.
The official statement noted that despite an extremely challenging year, the advance tax collections for FY21 stand at Rs 4.95 lakh crore which shows a growth of approximately 6.7 percent over the advance tax collections of the immediately preceding fiscal of Rs 4.64 lakh crore.
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