Direct tax collections in FY21 up 5 pc at Rs 9.45 lakh crore

New Delhi [India], April 9 : Provisional figures of direct tax collections for 2020-21 show that net collections are at Rs 9.45 lakh crore, the government said on Friday.
The net direct tax collections include Corporation Tax (CIT) at Rs 4.57 lakh crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs 4.88 lakh crore.
The net direct tax collections represent 104.46 per cent of the revised estimates of Rs 9.05 lakh crore of direct taxes for FY 2020-21," said an official statement released by the Ministry of Finance.
The gross collection of direct taxes (before adjusting for refunds) for FY 2020-21 stands at Rs 12.06 lakh crore.
This includes Corporation Tax (CIT) at Rs 6.31 lakh crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) at Rs 5.75 lakh crore; Advance Tax of Rs 4.95 lakh crore; Tax Deducted at Source (including Central TDS) of Rs 5.45 lakh crore; Self-Assessment Tax of Rs 1.07 lakh crore; Regular Assessment Tax of Rs 42,372 crore; Dividend Distribution Tax of Rs 13,237 crore and Tax under other minor heads of Rs 2,612 crore.
Despite an extremely challenging year, the advance tax collections for FY 2020-21 stand at Rs 4.95 lakh crore which shows a growth of about 6.7 per cent over Rs 4.64 lakh crore in the preceding financial year.
Refunds amounting to Rs 2.61 lakh crore have been issued in the FY 2020-21 as against refunds of Rs 1.83 lakh crore issued in FY 2019-20, marking an increase of 42.1 per cent over the preceding financial year.