Tax mop-up exceeds revised estimates at Rs 9.45 lakh crore

New Delhi, April 9

Income tax and corporate tax collection at Rs 9.45 lakh crore in the fiscal year ended March 31 exceeded the revised target by 5% but was 10% lower than the direct tax collection in the previous year, tax department head said on Friday.

The government had projected Rs 13.19 lakh crore from direct taxes in the budget for 2020-21 presented on February 1 last year. This was before pandemic struck; and post it pummelling the economy, the target — called revised Budget estimate — was lowered to Rs 9.05 lakh crore.

Central Board of Direct Taxes (CBDT) chairman PC Mody said his department has exceeded the revised estimate (RE) despite issuing substantial refunds in the 2020-21 fiscal (April 2020 to March 2021).

Direct tax collection, which consists of income tax and corporate tax, in 2019-20 fiscal was Rs 10.49 lakh crore. As per the provisional figures released on Friday, collection in 2020-21 is Rs 9.45 lakh crore. The target for current fiscal has been set at Rs 11.08 lakh crore.

During the 2020-21 fiscal, the net corporate tax collection stood at Rs 4.57 lakh crore, while net personal income tax was Rs 4.71 lakh crore. Rs 16,927 crore came from securities transaction tax (STT). — PTI

10% lower than last year

• The net collection in FY21 exceeded the revised target by 5% but was 10% lower than previous year
• The government had projected Rs13.19 lakh crore from direct taxes in the Budget. But after the pandemic struck, the target was revised to Rs9.05 lakh crore
• During the fiscal, corporate tax collection stood at Rs4.57 lakh crore while personal income tax was Rs4.71 lakh crore and Rs16,927 crore came from securities transaction tax