Direct tax collection stood at Rs 9.45 lakh crore in FY 2020-21, 5% higher than revised estimates

New Delhi The government said on Friday that direct tax collection was 5 percent higher than the revised estimate. The direct tax collection during the year 2020-21 after issue of refund was Rs 9.45 lakh crore, which is about 5 per cent higher than the revised estimate of Rs 9.05 lakh crore for the financial year.

Both corporation tax and personal income tax collections were higher than the revised estimates presented in the budget on 1 February by Finance Minister Nirmala Sitharaman. Corporation tax collection of Rs 4.46 lakh crore remained, while corporation tax was estimated at Rs 4.57 lakh crore. Personal income tax collection stood at Rs 4.88 lakh crore, which is 6 percent higher than the revised estimates of Rs 4.59 lakh crore.

Despite the epidemic, the collection increased
The trust scheme has got good response from the controversy. Tax collected at source technology also contributed to high tax collection. Apart from this, such a tax collection during the epidemic is considered a sign of a remarkable change in the economy.

12.06 lakh crore gross collection
The gross collection stood at Rs 12.06 lakh crore. This collection was less than the budget estimate of Rs 13.2 lakh crore. The last financial year also saw an increase in refunds, which increased by 43 per cent to Rs 2.61 lakh crore. An official statement said that “Despite a very challenging year, the advance tax collection for 2020-21 is Rs 4.95 lakh crore, which is about 6.7 per cent higher than the Rs 4.64 lakh crore in the last financial year”.

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