Direct Tax collections for the last financial year show growth of almost five per cent despite the challenges posed by the Covid-19 pandemic. Finance Ministry informed that the provisional figures of Direct Tax collections for the Financial Year 2020-21 show that net collections are at 9.45 lakh crore rupees. The Direct Tax collections include Corporation Tax and Personal Income Tax.
The Ministry said that the Advance Tax collections for the last financial year stand at 4.95 lakh crore rupees which shows a growth of approximately 6.7 percent.
It said, refunds amounting to 2.61 lakh crore rupees have been issued in the financial year 2020-21 as against refunds of 1.83 lakh crore rupees issued in the financial year 2019-20.