New Delhi (NVI): The Union Finance Ministry today said that direct tax collections for the financial year 2020-21 stood at Rs 9.45 lakh crore which represents 104.46 per cent of the revised estimates of Rs 9.05 lakh crore direct taxes for the FY21.
The direct tax collection comprises corporation tax worth Rs 4.57 lakh crore and personal income tax, including security transaction tax worth Rs 4.88 lakh crore.
The Gross collection of Direct Taxes before adjusting for refunds for the financial year 2020-21 stands at Rs. 12.06 lakh crore including 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.
The ministry said, despite an extremely challenging year, the Advance Tax collections for financial year 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.
“Refunds amounting to Rs. 2.61 lakh crore have been issued in the Financial Year 2020-21 as against refunds of Rs. 1.83 lakh crore issued in the FY 2019-20, marking an increase of approximately 42.1% over the preceding Financial Year,” the ministry said.