Team News Riveting
New Delhi, April 9
The provisional figures of Direct Tax collections for the Financial Year 2020-21 have been pegged at Rs 9.45 lakh crore.
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 per cent of the Revised Estimates of Rs 9.05 lakh crore of Direct Taxes for the Financial Year 2020-21 (FY21).
The Gross collection of Direct Taxes (before adjusting for refunds) for the FY21 stands at Rs 12.06 lakh crore. This includes 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.
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 per cent over the Advance Tax collections of the immediately preceding Financial Year of Rs 4.64 lakh crore.
Refunds amounting to Rs 2.61 lakh crore have been issued in the FY21 as against refunds of Rs 1.83 lakh crore issued in the FY20, marking an increase of approximately 42.1 per cent over the preceding Financial Year.
The Ministry of Finance said the above figures were as yet provisional and subjected to change pending final collation of data of collections.
