The Ministry of Finance on Friday said that the provisional figures of Direct Tax collections for the Financial Year 2020-21 show that net collections are at Rs9.45 lakh crore.
From the total, the net Direct Tax collections include Corporation Tax (CIT) at Rs4.57 lakh crore and Personal Income Tax(PIT) including Security Transaction Tax(STT) at Rs4.88 lakh crore.
The net Direct Tax collections represent 104.46% of the Revised Estimates of Rs9.05 lakh crore of Direct Taxes for the F.Y. 2020-21, as per the ministry's data.
Furthermore, the Gross collection of Direct Taxes(before adjusting for refunds) for the F.Y. 2020-21 stands at Rs12.06 lakh crore. This includes Corporation Tax(CIT) at Rs6.31 lakh crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs5.75 lakh crore; Advance Tax of Rs4.95 lakh crore; Tax Deducted at Source (including Central TDS) of Rs5.45 lakh crore; Self-Assessment Tax of Rs1.07 lakh crore; Regular Assessment Tax of Rs42,372 crore; Dividend Distribution Tax of Rs13,237 crore and Tax under other minor heads of Rs2,612 crore.
FinMin said, "Despite an extremely challenging year, the Advance Tax collections for F.Y. 2020-21 stand at Rs4.95 lakh crore which shows a growth of approximately 6.7% over the Advance Tax collections of the immediately preceding Financial Year of Rs4.64 lakh crore."
Moreover, refunds amounting to Rs2.61 lakh crore has been issued in the F.Y. 2020-21 as against refunds of Rs1.83 lakh crore issued in the F.Y. 2019-20, marking an increase of approximately 42.1% over the preceding Financial Year.
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