New Delhi: Central Board of Direct Taxes (CBDT) Chairman J B Mohapatra informed that the direct tax collections in the country is expected to cross the revised target of Rs 12.50 lakh crore by the end of this financial year in March. This will set an all-time high and historic record, he claimed.
As per reports, the direct tax collection has reached at Rs 10.38 lakh crore on February 1. This is higher than the last year’s total collections. As per the CBDT Chairman, easing of tax compliance processes for tax payers and enhanced ability of the taxman in data processing are the main reasons for the surge in tax collection.
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Out of the total direct tax collection target of Rs 12.50 lakh crore for the 2021-22 fiscal given by the government to the Income Tax (I-T) department, Rs 6.35 lakh crore is expected to come from the corporate tax category, while Rs 6.15 lakh crore is expected from personal income tax collections.
In 2018-19, the total direct tax collection was Rs 11.18 lakh crore, in 2019-20, it was Rs 10.28 lakh crore and in 2020-21, it was at Rs 9.24 lakh crore for the whole year.
The gross collections as of now is Rs 11.98 lakh crore and this is more by 42% of the 2020-21 year-on-year, it is more than 32% of 2019-20 and it is more than 31% of 2018-19. Advance tax numbers total is Rs 4.71 lakh crore and it is more by 51% of 2020-21, by 43% of 2019-20 and by 28% of 2018-19.
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