Provisional Direct Tax collections for the Financial Year 2020-21 show growth of almost 5%

Provisional Direct Tax collections for the Financial Year 2020-21 show growth of almost 5%

Net Direct Tax collections represent 104.46% of the Revised Estimates of ₹ 9.05 lakh crore of Direct Taxes for the F.Y. 2020-21

Advance Tax collections for F.Y. 2020-21 stand at ₹ 4.95 lakh crore which shows a growth of approximately 6.7%

Net Direct Tax collections for the F.Y. 2020-21 have shown an upswing, despite the inherent challenges brought on by the COVID-19 pandemic on the economy

Refunds amounting to ₹ 2.61 lakh crore have been issued in the F.Y. 2020-21

The provisional figures of Direct Tax collections for the Financial Year 2020-21 show that net collections are at ₹ 9.45 lakh crore. The net Direct Tax collections include Corporation Tax (CIT) at ₹ 4.57 lakh crore and Personal Income Tax(PIT) including Security Transaction Tax(STT) at ₹ 4.88 lakh crore. The net Direct Tax collections represent 104.46% of the Revised Estimates of ₹ 9.05 lakh crore of Direct Taxes for the F.Y. 2020-21.

The Gross collection of Direct Taxes(before adjusting for refunds) for the F.Y.  2020-21 stands at ₹ 12.06 lakh crore. This includes Corporation Tax(CIT) at ₹ 6.31 lakh crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at ₹ 5.75 lakh crore; Advance Tax of ₹ 4.95 lakh crore; Tax Deducted at Source (including Central TDS) of ₹ 5.45 lakh crore; Self-Assessment Tax of ₹ 1.07 lakh crore; Regular Assessment Tax of ₹ 42,372 crore; Dividend Distribution Tax of ₹ 13,237 crore and Tax under other minor heads of ₹ 2,612 crore.

Despite an extremely challenging year, the Advance Tax collections for F.Y. 2020-21 stand at ₹ 4.95 lakh crore which shows a growth of approximately 6.7% over the Advance Tax collections of the immediately preceding Financial Year of ₹ 4.64 lakh crore.

Refunds amounting to ₹ 2.61 lakh crore have been issued in the F.Y. 2020-21 as against refunds of ₹ 1.83 lakh crore issued in the F.Y. 2019-20, marking an increase of approximately 42.1% over the preceding Financial Year.

The above figures are as yet provisional and subject to change pending final collation of data of collections.