Net direct tax collection stood at Rs 9.45 lakh crore in the financial year ended 31 March, which is 5 per cent higher than the revised estimate in the budget.
Collection up 5 percent over revised estimates
There is good news for the Modi government on the tax collection front. Net direct tax collection stood at Rs 9.45 lakh crore for the financial year ended 31 March, which is 5 per cent higher than the revised estimate in the budget. Chairman of the Central Board of Direct Taxes (CBDT) PC Modi said that the Income Tax Department (Income Tax Department) has collected more tax collections than the revised estimates despite issuing adequate refunds in the financial year 2020-21.
Net corporate tax collection during the financial year was Rs 4.57 lakh crore, while net personal income tax stood at Rs 4.71 lakh crore. Apart from this, Rs 16,927 crore was received from Securities Transaction Tax (STT).
Collection up 5 percent over revised estimates
According to the revised estimates of the general budget, a target of Rs 9.05 lakh crore was set as direct tax collection for 2020-21. In this way, the tax collection was 5 percent higher than the revised estimates, but 10 percent less than the target fixed in 2019-20.
Modi said that the department has taken several measures to reduce the burden of paperwork and provide better taxpayer services, the effect of which was reflected in the tax collections of the last financial year.
42 percent more tax refund
The gross direct tax collection in the last financial year was Rs 12.06 lakh crore. After giving Rs 2.61 lakh crore as refund, the net gross direct tax collection stood at Rs 9.45 lakh crore. This has led to a 42 per cent increase in the issue of refunds over the previous year.
The finance ministry said in a statement that despite the challenges of the COVID-19 pandemic, there was a significant boom in net direct tax collection. Modi said, we want the whole system to be more fair and transparent. The basic subject on which we are working is to implement honest-transparent taxation. Which gives me confidence in spite of hard times that we will be able to meet the current goals as well.
54 thousand crores resolved through dispute from trust scheme
He further said that about 54,000 crore rupees have been resolved so far under the Vivad Se Vishwas scheme. The last date for payment under this scheme is 30 April.
He said, one-third of the disputes have been resolved under this scheme. I do not think there is any need for any other such scheme.
Government has already reduced corporate tax
In response to a question about bringing corporate tax once again under the global minimum tax regime, Modi said that the government has already reduced corporate tax.
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