Amid Pandemic, Indias Direct Tax Collection Doubles To Rs 1.85 Lakh Crore In FY 2021-22

Credit: ANI

The Logical Indian Crew

Amid Pandemic, India's Direct Tax Collection Doubles To Rs 1.85 Lakh Crore In FY 2021-22

Finance Ministry said that despite disruptions from COVID-19, tax collections grow at robust speed. Last year, the collection stood at 92,762 crore, which is a 100 per cent jump.

The government's net tax collection for the fiscal year 2020-21 amounted to Rs 1.85 Lakh crore, a press release by the Ministry of Finance said. Compared to the collection of the preceding year, which stood at Rs 92,762 crores, tax revenue saw an increment of 100% this year.

Details of the Collected Tax

The net direct tax collection includes corporation tax at ₹ 74,356 crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) at ₹1,11,043 crores, the statement said.

The ministry also detailed out the gross tax collection of the financial year. It includes Corporate Tax at ₹ 96,923 and personal income tax at ₹1,19,197 crore. Gross Direct tax for 2019-20 was ₹1,37,825 crore. It increased to more than 2.16 Lakh crore in the current year.

The press release also listed out the minor head-wise tax collection. It includes Advance Tax of ₹ 28,780 crore, Tax Deducted at Source of ₹1,56,824 crore, Self-Assessment Tax of ₹15,343 crores; Regular Assessment Tax of ₹14,079 crores; Dividend Distribution Tax of ₹1086 crore and Tax under other minor heads of ₹ 491 crores.

Increasing Collection Despite Challenges

Finance Ministry acknowledged that the situation has been challenging in this fiscal year. But despite the difficulties, the Advanced tax saw a growth of 146% over the preceding year. Advanced tax, which comprises Corporation Tax (CIT) at ₹ 18,358 crore and Personal Income Tax (PIT) at ₹10,422 crores amounted to ₹ 28,780. Advanced tax collection for the corresponding period in the financial year 2019-20 stood at ₹11,714 crore.

"This amount is expected to increase as further information is received from Banks." The report further added.

Till now, the government has issued refunds of ₹30,731 crores in the FY 2020-21.

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