Provisional direct tax collections for the financial year 2020-21 shows growth of almost 5 percent, said PC Mody, Chairman, Central Board of Direct Taxes (CBDT).
“We have gone through very difficult times, but the matter of the fact remains that we were given a budget collection target of Rs 9.05 lakh crore. With lot of efforts, both on the part of the taxpayers as well as the department, we have closed the last financial year by collecting on net basis Rs 9.45 lakh crore which represents roughly about 5 percent growth over the revised estimates,” he said in an interview to CNBC-TV18.
However, he said that on year-on-year (YoY) basis, there has been a decline in the net collection of around 10 percent.
Giving a breakup of the collection, he said, “On a gross basis, in the last fiscal, out of the Rs 12.06 lakh crore which was collected, Rs 6.31 lakh crore was attributable to corporation tax, about Rs 5.58 lakh crore was on account of personal income tax, and about Rs 16,000 crore came out of the Securities Transaction Tax (STT). In terms of net collection, the corporate net collection was Rs 4.57 lakh crore and the personal income tax was Rs 4.71 lakh crore, resulting in a total net collection of Rs 9.45 lakh crore.”Watch the video for more.