The provisional figures of net direct tax collection for the fiscal year ended on March 31 showed that net collections stood at Rs 9.45 lakh crore, an increase of 5 per cent over the revised estimates in the Union Budget.
Central Board of Direct Taxes (CBDT) Chairman PC Mody on Friday said the income tax department has exceeded the revised estimates despite issuing substantial refunds in 2020-21 fiscal.
“The net direct tax collections represent 104.46% of the Revised Estimates of Rs 9.05 lakh crore of direct taxes for the FY 2020-21,” said a Finance Ministry statement.
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 gross collection of direct taxes, before adjusting for refunds, for the FY21 stands at Rs 12.06 lakh crore, including corporation tax of Rs 6.31 lakh crore and personal income tax (including STT) of Rs 5.75 lakh crore.
In the revised estimates (RE) for 2020-21, the target was set at Rs 9.05 lakh crore.
It also includes an 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 official statement noted that despite an extremely challenging year, the advance tax collections for FY21 stand at Rs 4.95 lakh crore which shows a growth of approximately 6.7 per cent over the advance tax collections of the immediately preceding fiscal of Rs 4.64 lakh crore.
A lot of measures have been taken to ease compliance burden and provide better taxpayer services, Mody said, adding that this got reflected in the tax collection for last fiscal.
He hoped that the same spirit in tax collection would continue in the current financial year.
The approach of the department is we want the whole system to be far more fair and transparent. The basic theme on which we are working is ‘honouring the honest-transparent taxation’… That gives me the confidence apart from the revival of the economic activity, despite the difficult times, that we will be able to meet the current targets as well, Mody added.
He further said that the Vivad Se Vishwas scheme has netted about Rs 54,000 crore so far and the last date for payment under the scheme is April 30.