6.9 C
London
Wednesday, April 21, 2021

Direct tax collections up 5% to Rs 9.45 Lakh Crore in 2020-2021, exceed estimates

Must read

UK Time Newshttps://www.uktimenews.com
UK Time News is your daily dose of Latest News, Entertainment, Music, Fashion, Lifestyle, World, Cricket, Sports, Politics, Tech, Business News Website. We provide you with the Latest Breaking News Straight from the UK & all around the World on different categories.

Anticipated tax collections for fiscal year 2020-21 amounted to Rs 4.95 lakh crore

The country’s direct tax revenue for fiscal year 2020-2021 was Rs 9.45 lakh crore, according to data released by the Ministry of Finance on Friday, April 9. direct tax deductions have grown by almost 5%. Net direct tax collections represent 104.46% of the revised estimate of Rs 9.05 lakh crore for the 2020-2021 fiscal year, government data showed. The income tax department exceeded revised estimates despite substantial refunds in fiscal year 2020-2021, according to the Central Board of Direct Taxes (CBDT).

READ  New Covid surge poses negative credit threat to India: report
READ  New Covid surge poses negative credit threat to India: report

Net direct tax revenues include the corporation tax or CIT, which was Rs 4.57 lakh crore, and the personal income tax or PIT, involving the security transaction tax or STT, which was at Rs 4.88 lakh crore.

According to the Ministry of Finance, withholding taxes for the 2020-21 fiscal year stood at Rs. 4.95 lakh crore, which grew by nearly 6.7 percent.

READ  Ark Invest ARKX space exploration ETF starts trading today, slips 1%

In fiscal year 2020-21, the collection of gross direct taxes amounted to Rs 12.06 lakh crore. After withdrawing the refunds of Rs 2.61 lakh crore, the net mop stood at Rs 9.45 lakh crore. The issuance of refunds increased by 42%.

The finance ministry noted that net direct tax collections for fiscal year 2020-2021 have increased, despite challenges facing the economy as a result of the COVID-19 crisis.

READ  When the equity bull market ends, according to the S&P 500 story
READ  Samsung Electronics predicts a 44.19% jump in first quarter operating profit

.

More articles

15,129FansLike
4,596FollowersFollow

Latest article