New Delhi: direct tax Collections have jumped over 40% to close to Rs 9.5 lakh crore (on a net basis) till mid-December, raising expectations that Government The year may end with collections exceeding the budget. Between April and December 16, on a gross basis, collections have grown by almost 48% to Rs 10.3 lakh crore.
Receipts on the direct tax front have been so strong that they are already 60% higher than the entire 2020-21 level, when the Covid-19 outbreak forced businesses to close due to the nationwide lockdown and consequently Widespread job losses and pay cuts.
Reforms in several sectors and people coming back to the job market have helped increase the government’s revenue collection on the direct and indirect taxes front.
The latest figures have come after the government received the third installment of advance tax. In a statement, Finance Ministry The said cumulative advance tax collection for the first, second and third quarters of the current financial year is estimated to be around Rs 4.6 lakh crore (as on December 16) against Rs 3 lakh crore a year ago, showing a growth of 53.5%. Is. , With more data expected from banks in the coming days, the ministry expects the numbers to improve further.
Within the net collection, corporation tax of Rs 5.1 lakh crore was over Rs 5.1 lakh crore accounting for 54% share, while the remaining Rs 4.3 lakh crore was on account of personal income tax, which included Security Transaction Tax (STT). So far in the current financial year, refunds worth Rs 1.35 lakh crore have been issued.
Receipts on the direct tax front have been so strong that they are already 60% higher than the entire 2020-21 level, when the Covid-19 outbreak forced businesses to close due to the nationwide lockdown and consequently Widespread job losses and pay cuts.
Reforms in several sectors and people coming back to the job market have helped increase the government’s revenue collection on the direct and indirect taxes front.
The latest figures have come after the government received the third installment of advance tax. In a statement, Finance Ministry The said cumulative advance tax collection for the first, second and third quarters of the current financial year is estimated to be around Rs 4.6 lakh crore (as on December 16) against Rs 3 lakh crore a year ago, showing a growth of 53.5%. Is. , With more data expected from banks in the coming days, the ministry expects the numbers to improve further.
Within the net collection, corporation tax of Rs 5.1 lakh crore was over Rs 5.1 lakh crore accounting for 54% share, while the remaining Rs 4.3 lakh crore was on account of personal income tax, which included Security Transaction Tax (STT). So far in the current financial year, refunds worth Rs 1.35 lakh crore have been issued.
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