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 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.
Central Board of Direct Taxes (CBDT) Chairman P C Mody said his department has exceeded the revised estimate (RE) despite issuing substantial refunds in the 2020-21 fiscal (April 2020 to March 2021).
Direct tax collections, which consist of income tax and corporate tax, in 2019-20 fiscal was Rs 10.49 lakh crore. As per the provisional figures released on Friday, collection in 2020-21 is Rs 9.45 lakh crore.