Notwithstanding the devastating second wave of the Covid-19 pandemic, direct tax assortment for the primary quarter of the present monetary yr has surpassed the mop-up within the corresponding interval of FY19-20.
Income tax information accessed by The Indian Express reveals the overall direct tax assortment for FY 21-22 as on June 14 stood at Rs 1.68 lakh crore up by 66 per cent from Rs 1.01 lakh crore in FY19-20, the yr earlier than the Covid-19 pandemic. This quantity is prone to enhance because the advance tax fee will finish solely by midnight at present, mentioned sources.
The assortment this yr can also be 85 per cent larger than the yr in the past determine of Rs 91,160 crore however the numbers aren’t comparable as a result of India had imposed the world’s strictest lockdown in April and May 2020. As on June 14, the tax division has achieved about 15 per cent of the overall funds estimates of Rs 11.08 lakh crore this monetary yr.
The rise within the direct tax assortment is an indicator that this time across the financial system has not suffered as extreme an influence because it did within the first quarter of FY20-21. High frequency information just like the manufacturing buying managers’ index (PMI), and rail freight additionally present a decrease influence in May 2021 in comparison with a yr in the past. Similarly, Goods and Services Tax collections surpassing Rs 1 lakh crore for the eight month in a row in May present that the financial influence of the lockdown has been muted.
According to the direct tax information, within the first three months of FY 21-22, company tax collections rose to Rs 62,229 crore from Rs 17,780 crore in the identical interval in FY 19-20, whereas earnings tax assortment rose to Rs 1 lakh crore from Rs 81,070 crore in the identical interval in FY 19-20.
Mumbai, which contributes about 32 per cent to the general direct tax assortment, has collected Rs 49,646 crore or 14.31 per cent of its total tax goal of Rs 3.46 lakh crore, as on June 14. The Bengaluru circle has collected Rs 24,025 crore of direct taxes within the first quarter of this monetary yr, adopted by Delhi at Rs 21,254 crore, Chennai at Rs 11,544 crore and Hyderabad at Rs 11,351 crore as on June 14.
