Home / News / India /  Income tax receipts surpass revised budget target for 2020/21: Official

India's net direct tax receipts, mainly comprising corporate and individual income tax, were 9.45 trillion rupees ($126.33 billion) for the fiscal year ending on March 31, surpassing the revised budget target.

Central Board of Direct Taxes (CBDT) Chairman P C Mody on Friday said the income tax department has exceeded the revised estimates despite issuing substantial refunds in the 2020-21 fiscal.

During the fiscal, the net corporate tax collection stood at 4.57 lakh crore, while net personal income tax was 4.71 lakh crore. Another 16,927 crore came from securities transaction tax (STT).

The gross direct tax collection in the last fiscal stood at 12.06 lakh crore. After taking out the refunds of 2.61 lakh crore, the net mop up stood at 9.45 lakh crore. There has been a 42 per cent growth in the refund issuance.

In the revised estimates (RE) for 2020-21, the target was set at 9.05 lakh crore.

“Net direct tax collections for the FY 2020-21 have shown an upswing, despite the inherent challenges brought on by the COVID-19 pandemic on the economy," a finance ministry statement said.

The collection was 5 per cent higher than the RE, but was 10 per cent lower than the mop up in 2019-20.

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