Direct tax collections at Rs 9.45 lakh crore in FY21, exceeds revised estimates: FinMin

India’s direct tax collections for monetary 12 months 2020-21 (FY21) had been at Rs 9.45 lakh crore, in line with a press release launched by the Ministry of Finance on Friday. The web direct tax collections signify 104.46 per cent of the revised estimates of Rs 9.05 lakh crore of direct taxes for the FY21, the assertion stated.

The web direct tax collections embody Company Tax (CIT) at Rs 4.57 lakh crore and Private Earnings Tax (PIT) together with Safety Transaction Tax (STT) at Rs 4.88 lakh crore.

“The web direct tax collections for the FY 2020-21 have proven an upswing, regardless of the inherent challenges introduced on by the COVID-19 pandemic on the financial system,” the assertion stated.

The federal government said that regardless of a particularly difficult 12 months, the advance tax collections for FY21 stand at Rs 4.95 lakh crore, depicting a year-on-year development of roughly 6.7 per cent.

The ministry added that refunds amounting to Rs 2.61 lakh crore have been issued in FY21 as towards refunds of Rs 1.83 lakh crore within the FY20, thereby marking an increase of almost 42.1 per cent on-year.

The assertion stated that these figures are as but provisional and topic to vary pending the ultimate collation of knowledge collections.

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