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.
While self-assessment tax collection stands at Rs 1.07 lakh crore, regular assessment tax at Rs 42,372 crore, dividend distribution tax at Rs 13,237 crore and the tax under other minor heads stands at Rs 2,612 crore.
“Despite an extremely challenging year, the Advance Tax collections for F.Y. 2020-21 stand at Rs. 4.95 lakh crore which shows a growth of approximately 6.7% over the Advance Tax collections of the immediately preceding Financial Year of Rs. 4.64 lakh crore,” said the ministry of finance.
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The ministry said its direct tax collections for the last fiscal have shown an upswing despite the inherent challenges brought on by the COVID-19 pandemic on the economy.
The government said despite the challenging year, the tax refunds have jumped by over 42%, from Rs 1.83 crore in FY 2019-20 to Rs 2.61 lakh crore in FY 2020-21.
The finance ministry said the direct tax collection figures released on Friday were provisional and subject to change as per the final data collected by the government.
