India’s Direct Tax Collection Exceeds Revised Budget Target In FY21

India’s gross direct tax collection rose in a financial year that saw the coronavirus pandemic freeze economic activities and shut businesses.

Provisional estimates released by the Finance Ministry showed that the gross direct tax collection stood at Rs 12.06 lakh crore in 2020-21, a rise of 5% over the preceding fiscal.

Net direct tax collections, which adjust for tax refunds, however, dipped 10% over the year earlier to Rs 9.45 lakh crore. Still, that’s higher than the revised budget estimates of Rs 9.05 lakh crore.

Corporation tax revenue stood at Rs 4.57 lakh crore, while revenue through personal income tax, including security transaction tax, was at Rs 4.88 lakh crore in FY21.

“Despite an extremely challenging year, the advance tax collections for FY21 stand at Rs 4.95 lakh crore, which shows a growth of about 6.7% over the advance tax collections of the immediately preceding financial year of Rs 4.64 lakh crore,” the ministry said in a statement.

Tax refunds jumped almost 42% on a yearly basis to Rs 2.61 lakh crore, the provisional data showed.

Gross figures

  • Tax collection: Rs 12.06 lakh crore
  • Corporation tax: Rs 6.31 lakh crore
  • Personal income tax: Rs 5.75 lakh crore
  • Advance tax: Rs 4.95 lakh crore
  • Tax deducted at source (including central TDS): Rs 5.45 lakh crore
  • Self-assessment tax: Rs 1.07 lakh crore
  • Regular assessment tax: Rs 42,372 crore
  • Dividend distribution tax: Rs 13,237 crore
  • Tax under minor heads: Rs 2,612 crore

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