CBDT Chairman PC Mody has reported on 9 April that the direct tax collection for FY 2020-21 has been Rs 9.45 lakh crore, which is higher than the revised estimate of Rs 9.05 lakh crore.
He further stated that out of the total provisional net direct tax collection, about 4.57 lakh crore has been collected as corporate tax, 4.71 lakh crore rupees as income tax and about 17 thousand crore rupees as security transaction tax. CBDT chairman PC Mody has said that the net direct tax collection has been 10% lower than in 2019-20.
Talking to reports, PC Mody also said that these are provisional figures. We will inform as soon as the final figures come.
Talking to the media, he told that in FY 2020, refund of 2.61 lakh crore rupees has been given whereas in FY 2019-20, refund of 1.83 lakh crore rupees was done. On an annual basis, there has been an increase of about 42 per cent in the refund figures.
Explain that in the budget of 2021-22, the estimate of net direct tax collection figures for FY 2020-21 was reduced to Rs 9.05 lakh crore from Rs 13.19 lakh crore keeping in view the slowdown caused by Covid.
According to the budget document, the central government has estimated the direct tax collection at Rs 11.08 lakh crore for 2021-22. When asked by reporters from PC Mody whether this goal could be achieved due to the second wave of Covid, he said that the tax department is fully confident about its target.
Talking to reporters, he further said that though the dispute-to-trust scheme to reduce tax disputes has so far been successful. But the government does not plan to introduce any other such scheme.
The dispute has settled 1.48 lakh cases under the trust scheme. About 54 thousand crores tax has also been collected in this scheme. Large corporate issues have also been resolved through this scheme.
He further said that notices in tax disputes older than 3 years will be sent by 30 April. But sending notices only in big cases are not sending notices in small disputes.
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