Net Direct Tax Collection In FY21 Declines By 13%

New Delhi: Tax collection has been subdued amid the pandemic and the net direct tax collections so far in the current financial year declined by 13 per cent to Rs 5.87 lakh crore, sources said.

During the corresponding period (April 1 – December 17) of last financial year, the net collections stood at Rs 6.80 lakh crore.

The decline in tax collection has been subdued amid the pandemic. Further, the extension of deadline for filing returns also impacted the collections.

The deadline for third installment of advance tax was December 15.

The corporate tax collection so far in FY21 stood at Rs 3.04 lakh crore. Personal income tax collections stand at Rs 2.70 lakh crore.

Further, collections from Delhi were down 22 per cent.

Collections from Mumbai and Chennai were down 8.4 per cent, and 22.4 per cent. However, collections from Bengaluru registered a growth of 4.2 per cent.

Although direct tax collection have declined, GST collection have been on the rise.

Gross GST revenue collection in November stood at nearly Rs 1.05 lakh crore, an official statement said on Tuesday.

The revenues for the month of November 2020 were 1.4 per cent higher than the GST revenues in the same month last year.

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