Direct tax collection grows by 4.46% in 2020-21

The provisional figures of direct tax collections for 2020-21 show that net collections at Rs 9.45 lakh crore represent 104.46 per cent of the revised estimates of Rs 9.05 lakh crore, according to an official press release. The collections include corporation tax at Rs 4.57 lakh crore and personal income tax (PIT), including security transaction tax (STT), at Rs 4.88 lakh crore.

The gross collection of direct taxes (before adjusting for refunds) for 2020-21 stands at Rs 12.06 lakh crore. This includes corporation tax at Rs 6.31 lakh crore and PIT including STT at Rs 5.75 lakh crore; advance tax of Rs 4.95 lakh crore; tax deducted at source (including Central TDS) of Rs 5.45 lakh crore; self-assessment tax of Rs 1.07 lakh crore; regular assessment tax of Rs 42,372 crore; dividend distribution tax of Rs 13,237 crore; and tax under other minor heads of Rs 2,612 crore.

Despite an extremely challenging year, the advance tax collection shows a growth of approximately 6.7 per cent over the previous fiscal, says the release.

The above figures are as yet provisional and subject to change pending final collation of data of collections, the release adds.