New Delhi, April 10
Income tax and corporate tax collection at Rs 9.45 lakh crore in the fiscal year ended March 31 exceeded the revised target by 5% but was 10% lower than the direct tax collection in the previous year, tax department head said on Friday.
The government had projected Rs 13.19 lakh crore from direct taxes in the budget for 2020-21 presented on February 1 last year. This was before pandemic struck; and post it pummelling the economy, the target — called revised Budget estimate — was lowered to Rs 9.05 lakh crore.
Central Board of Direct Taxes (CBDT) chairman PC Mody said his department has exceeded the revised estimate (RE) despite issuing substantial refunds in the 2020-21 fiscal (April 2020 to March 2021).
Direct tax collection, which consists of income tax and corporate tax, in 2019-20 fiscal was Rs 10.49 lakh crore. As per the provisional figures released on Friday, collection in 2020-21 is Rs 9.45 lakh crore. The target for current fiscal has been set at Rs 11.08 lakh crore.
During the 2020-21 fiscal, the net corporate tax collection stood at Rs 4.57 lakh crore, while net personal income tax was Rs 4.71 lakh crore. Rs 16,927 crore came from securities transaction tax (STT).
