India collected ₹9.45 lakh crore in taxes last year — exceeding the government's expectations

India collected ₹9.45 lakh crore in taxes last year — exceeding the government's expectations
IANS
The provisional figures of direct tax collections for the financial year 2020-21 showed that net collections are at ₹9.45 lakh crore.

The net collection is around 5 per cent higher than the revised estimates for the 2020-21.

The net direct tax collections include corporation tax (CIT) at ₹4.57 lakh crore and personal income tax (PIT), including security transaction tax (STT) at ₹4.88 lakh crore.

Advertisement
"The net direct tax collections represent 104.46% of the Revised Estimates of ₹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 ₹12.06 lakh crore, including corporation tax of ₹6.31 lakh crore and personal income tax (including STT) of ₹5.75 lakh crore.

It also includes advance tax of ₹4.95 lakh crore, tax deducted at source (including Central TDS) of ₹5.45 lakh crore, self-assessment tax of ₹1.07 lakh crore, regular assessment tax of ₹42,372 crore, dividend distribution tax of ₹13,237 crore and tax under other minor heads of ₹2,612 crore.

Advertisement

The official statement noted that despite an extremely challenging year, the advance tax collections for FY21 stand at ₹4.95 lakh crore which shows a growth of approximately 6.7 per cent over the advance tax collections of the immediately preceding fiscal of ₹4.64 lakh crore.

Further, refunds amounting to ₹2.61 lakh crore have been issued in the FY21 as against refunds of ₹1.83 lakh crore issued in the FY20, marking an increase of around 42 per cent over the previous financial year.


SEE ALSO:
Six new Nokia smartphones announced – price, specifications and availability details you should know
Founders, take note: here’s why most startups fail
Google Phone app now lets you record calls automatically from unknown numbers
Advertisement
{{}}