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Tax collections for FY 21
April 26 , 2021
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- The Ministry of Finance recently released the tax collection figures for the financial year 2020-21.
- According to the ministry, the direct tax collections for the financial year 2020-21 are Rs 9.45 lakh crores.
- The Direct Tax Collections include Personal Income Tax collections and Corporation Tax collections.
- The Personal Income Tax collected for the year 2020-21 was Rs 4.88 lakh crores.
- The Corporation Tax (or Corporate Tax) collected for the year 2020-21 was Rs 4.57 lakh crores.
- The Gross Collection of Direct Tax for the year 2020-21 was Rs 12.06 lakh crores.
- The tax collections in the fiscal year 2021 exceeded the revised target by 5%.
- The tax collected in 2021 was 10% lower than the direct tax collected in the previous year.
- In the Union Budget 2020-21, the Government of India predicted that Rs 13.19 lakh crores will be collected from direct taxes.
- However, this was before the inception of COVID-19 pandemic.
- After the pandemic, the estimate was reduced to Rs 9.05 lakh crores.
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