New Delhi: In the last financial year, the Union government’s direct tax collection stands at Rs 9.45 lakh crore, an improvement of 4.41% over the revised target of Rs 9.05 lakh crore but a sharp decline of over 31% against the budget target of 13.19 lakh crore, which was set before the outbreak of COVID-19 global pandemic.
The gross tax collection, without adjustment of refunds for the FY 2020-21 financial year stands at Rs 12.06 lakh crore, including corporate tax collection of Rs 6.31 lakh crore, personal income tax collection (including the securities transaction tax) of Rs 5.75 lakh crore.
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In the last financial year, the government’s income tax refunds to corporate and individual taxpayers stand at Rs 2.61 lakh crore, and after the adjustment of direct tax refunds, the government’s provisional tax collection stands at Rs 9.45 lakh crore.
If one looks at the break-up in terms of advance tax collection, TDS collections and others, advance tax collection stands at Rs 4.95 lakh crore, TDS (including the central TDS) stands at Rs 5.45 lakh crore.