Provisional Direct Tax collections for the Financial Year 2020-21 show growth of almost 5%

Net Direct Tax collections represent 104.46% of the Revised Estimates of ₹ 9.05 lakh crore of Direct Taxes for the F.Y. 2020-21

Advance Tax collections for F.Y. 2020-21 stand at ₹ 4.95 lakh crore which shows a growth of approximately 6.7%

Net Direct Tax collections for the F.Y. 2020-21 have shown an upswing, despite the inherent challenges brought on by the COVID-19 pandemic on the economy

Refunds amounting to ₹ 2.61 lakh crore have been issued in the F.Y. 2020-21

The provisional figures of Direct Tax collections for the Financial Year 2020-21 show that net collections are at ₹ 9.45 lakh crore. The net Direct Tax collections include Corporation Tax (CIT) at ₹ 4.57 lakh crore and Personal Income Tax(PIT) including Security Transaction Tax(STT) at ₹ 4.88 lakh crore. The net Direct Tax collections represent 104.46% of the Revised Estimates of ₹ 9.05 lakh crore of Direct Taxes for the F.Y. 2020-21.

The Gross collection of Direct Taxes(before adjusting for refunds) for the F.Y.  2020-21 stands at ₹ 12.06 lakh crore. This includes Corporation Tax(CIT) at ₹ 6.31 lakh crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at ₹ 5.75 lakh crore; Advance Tax of ₹ 4.95 lakh crore; Tax Deducted at Source (including Central TDS) of ₹ 5.45 lakh crore; Self-Assessment Tax of ₹ 1.07 lakh crore; Regular Assessment Tax of ₹ 42,372 crore; Dividend Distribution Tax of ₹ 13,237 crore and Tax under other minor heads of ₹ 2,612 crore.

Despite an extremely challenging year, the Advance Tax collections for F.Y. 2020-21 stand at ₹ 4.95 lakh crore which shows a growth of approximately 6.7% over the Advance Tax collections of the immediately preceding Financial Year of ₹ 4.64 lakh crore.

Refunds amounting to ₹ 2.61 lakh crore have been issued in the F.Y. 2020-21 as against refunds of ₹ 1.83 lakh crore issued in the F.Y. 2019-20, marking an increase of approximately 42.1% over the preceding Financial Year.

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

Direct tax collections exceed revised estimates, with growth in advance tax and higher refunds in provisional figures. Provisional net Direct Tax collections for 2020-21 exceeded the Revised Estimates, driven by Corporation Tax and Personal Income Tax receipts; gross collections include Advance Tax, TDS, Self Assessment, Regular Assessment, Dividend Distribution Tax and minor heads. Advance Tax showed year on year growth and refunds increased substantially over the prior year. The figures remain provisional pending final collation.