New Delhi: Direct tax collection has been 5 per cent higher than the revised estimate, the government said on Friday. After the refund was issued, the direct tax collection during 2020-21 was Rs 9.45 lakh crore, which is about 5 per cent higher than the revised estimate of Rs 9.05 lakh crore for the financial year.
The collection of both corporation tax and personal income tax was higher than the revised estimate presented by Finance Minister Nirmala Sitharaman in the budget on February 1. Rs. Corporation tax collection is Rs 4.46 lakh crore, while the corporation tax estimate is Rs 4.57 lakh crore. Personal income tax collection stood at Rs 4.88 lakh crore, up 6 per cent from the revised estimate of Rs 59.59 lakh crore.
Despite the epidemic, the collection grew
The trust scheme has received a good response from the controversy. Taxes collected on source technology also contribute to higher tax collection. In addition, such tax collection during an epidemic is considered a sign of significant change in the economy.
Gross collection stood at Rs 12.06 lakh crore
Gross collection stood at Rs 12.06 lakh crore. The collection was less than the budget estimate of Rs 13.2 lakh crore. The last financial year also saw an increase in refunds, which rose by 43 per cent to Rs 2.61 lakh crore. An official statement said, “Despite being a very challenging year, the advance tax collection for 2020-21 is Rs. 4.95 lakh crore, up from Rs. This is 6.7 per cent more than Rs 4.64 lakh crore.