Reinforcing the economic recovery belief, gross personal income tax (inclusive of refunds) has posted a 2.5 per cent year-on-year growth during FY21, despite the Covid-triggered lockdown and other restrictions. But, corporation tax reported a 6 per cent fall YoY, pulling gross direct tax collection down by 2 per cent.
Due to record refunds, net direct tax collection was down close to 8 per cent at 9.5 trillion, yet the overall figure exceeded the Revised Estimate (Rs 9.05 trillion) for the first time in four years. These are only provisional numbers and the final data is yet to be collated.
Due to record refunds, net direct tax collection was down close to 8 per cent at 9.5 trillion, yet the overall figure exceeded the Revised Estimate (Rs 9.05 trillion) for the first time in four years. These are only provisional numbers and the final data is yet to be collated.