For the first time in years, income tax collections have surpassed corporation tax receipts.

TAX illustration in image

TAX illustration in image

India's GDP has dropped by 24.4 percent in the first quarter of 2020-21 and 7.3 percent the following quarter due to the pandemic and subsequent statewide lockdown, before entering growth territory and rising by 0.4 percent in the three months ended December 31.

The finance ministry said in a statement that the net direct tax receipts comprise corporate tax of 4.577 lakh crore and personal income tax of 4.88 lakh crore, which includes security transaction tax (STT).

"Net direct tax collections for the financial year 2020/21 have shown an upswing, despite the inherent challenges brought on by the COVID-19 pandemic," Pramod Chandra Mody, head of the Central Board of Direct Taxes, told reporters on Friday in the virtual briefing.

The gross tax collection decreased 27.5 percent to Rs 7,2 lakh crore over  April to September 2020 period compared to Rs 9,2 lakh crore a year before. In the current financial year, gross tax collections of Rs 24.2 lakh crore were estimated as an unpredictable objective. Only Rs 20 lakh crore could be collected in the last financial year. The Center will be well under the gross tax collection last year, given the circumstance this year.

 

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