In a positive development for the economy, despite the scathing impact of COVID-19, the net direct tax collection has doubled to over Rs 2.49 lakh crore so far this fiscal, reports Livemint.
During the 1 April to 3 July period last year, the net direct tax collection stood at Rs 1.29 lakh crore. The surge this year has primarily been driven by personal income tax and advance tax mop-up.
The gross collection of direct taxes (before adjusting for refunds) for the FY21-22 stands at Rs 2.86 lakh crore compared to Rs 1.94 lakh crore in the corresponding period of the preceding year.
It should be noted that this includes Corporation Income Tax (CIT), Personal Income Tax (PIT), Security Transaction Tax (STT) and advanced tax. Also, the amount is expected to increase as further information is received from banks.
As per the details announced in the Union Budget by Finance Minister Nirmala Sitharaman, the Government's target for net direct tax collections in the current fiscal has been set at Rs 11.08 lakh crore.