The Finance Ministry’s provisional figures of direct tax collections for the financial year 2020-21 (FY21) show that net collections grew by 5% at Rs. 9.45 lakh crore.The net direct tax collections represent 104.46% of the revised estimates of Rs 9.05 lakh crore of Direct Taxes for the FY 2020-21, said the Finance Ministry in a statement released Friday.The net direct tax collections include Corporation Tax (CIT) were reported at Rs 4.57 lakh crore and Personal Income Tax (PIT) including Security Transaction Tax (STT) stood at Rs 4.88 lakh crore.The Gross collection of Direct Taxes (before adjusting for refunds) for FY21 stands at Rs 12.06 lakh crore. This includes Corporation Tax (CIT) at Rs. 6.31 lakh crore and Personal Income Tax (PIT) including Security Transaction Tax(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, the statement added.
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Despite an extremely challenging year, the Advance Tax collections for FY21 were reported at Rs 4.95 lakh crore which shows a growth of approximately 6.7% over the Advance Tax collections of the immediately preceding Financial Year of Rs 4.64 lakh crore.Refunds amounting to Rs 2.61 lakh crore have been issued during the year as against refunds of Rs.1.83 lakh crore issued in the FY20, marking an increase of approximately 42.1% over the previous year.