I-T, corporate tax mop up exceeds revised estimates at Rs 9.45 lakh crore in FY21
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I-T, corporate tax mop up exceeds revised estimates at Rs 9.45 lakh crore in FY21
PTI / Apr 9, 2021, 19:54 IST
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NEW DELHI: Income tax and corporate tax collections at Rs 9.45 lakh crore in the fiscal year ended March 31 exceeded the revised target by 5 per cent but were 10 per cent lower than the direct tax collections in the previous year, tax department head said on Friday.
The government had projected Rs 13.19 lakh crore from direct taxes in the budget for 2020-21 presented on February 1 last year. This was before pandemic took roots; and post it pummelling the economy, the target - called revised budget estimate - was lowered to Rs 9.05 lakh crore.
Coercive actions, economic revival team up to lift tax mop-up
By IANS |
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Tax.. Image Source: IANS News
New Delhi, April 9 : In a paradox of sorts, tax collections have significantly improved in the past few months despite the ongoing Covid-19 pandemic and its impact on the economy.
Experts said the reasons for the surging tax collections have been a combination of improving economic activities and coercive actions by the authorities.
In an ideal situation, tax collection should be in tandem with the GDP growth rate, but currently tax mop-up has been growing at a much faster pace, said Rajat Mohan, senior partner at AMRG & Associates.
Indiaâs Direct Tax Collection Exceeds Revised Budget Target In FY21
Apr 09 2021, 3:11 PM
April 09 2021, 2:03 PM
April 09 2021, 3:11 PM
Indiaâs gross direct tax collection rose in a financial year that saw the coronavirus pandemic freeze economic activities and shut businesses.Provisional estimates released by the Finance Ministry showed that the gross direct tax collection stood at Rs 12.06 lakh crore in 2020-21, a rise of 5% over the preceding fiscal.Net direct tax collections, which adjust for tax refunds, however, dipped 10% over the year earlier to Rs 9.45 lakh .
Indiaâs gross direct tax collection rose in a financial year that saw the coronavirus pandemic freeze economic activities and shut businesses.
While Finance Minister Nirmala Sitharaman suggested rationalisation of centrally sponsored schemes and central sector schemes, the outlay to these have in fact seen a sharp growth in 2021-22. The number of centrally sponsored schemes have increased to 35 in FY22 from 30 in FY21 and central sector schemes have increased to 704 from 685 in the previous year. The new CSSs include Mission Shakti, Saksham Anganwadi, Poshan 2.0, and Rashtriya Pashudhan Vikash Yojana. “On the recommendation of the Fifteenth Finance Commission, we have undertaken a detailed exercise to rationalise and bring down the number of centrally sponsored schemes. This will enable consolidation of outlays for better impact,” Sitharaman said in her Budget speech.
Inflation measured by the Consumer Price Index (CPI) eased to 4.59% in December, more than what the market expected, compared with 6.93% in November. Core inflation, which does not factor in food and oil prices softened to 5.2% against 5.4% earlier.