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

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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).

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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.

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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.

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