The country’s direct tax collections for the financial year 2020-21 were at Rs 9.45 lakh crore, according to data released by the Ministry of Finance on Friday, April 9. During the fiscal ended March 2021, the provisional direct tax collections registered a growth of almost five per cent. The net direct tax collections represent 104.46 per cent of the revised estimates of Rs 9.05 lakh crore of direct taxes for fiscal 2020-21, showed the government data. The income tax department exceeded the revised estimates despite issuing substantial refunds during the 2020-21 fiscal, according to the Central Board of Direct Taxes (CBDT).
The net direct tax collections include the corporation tax or CIT, which was at Rs 4.57 lakh crore, and the personal income tax or PIT, involving the security transaction tax or STT, which was at Rs 4.88 lakh crore.
According to the Finance Ministry, the advance tax collections for the financial year 2020-21 stood at Rs. 4.95 lakh crore, which registered a growth of almost 6.7 per cent.