Increase In Direct Tax Collections:
India’s direct tax collections in the first two and a half months (April – June) of 2021-22 stand at nearly Rs. 1.86 lakh crore, which is double the collections over the same period of last year that was affected by the national lockdown.
- The collections last year over the same period were Rs. 92,762 crore.
- Surge in Direct Tax Collections: It includes Corporation Tax collections of Rs. 74,356 crore and Personal Income Tax inflows, which include the Security Transaction Tax of Rs. 1.11 lakh crore.
- The jump in the direct tax collections reflects healthy exports and a continuation of various industrial and construction activities.
- It is expected that GDP (Gross Domestic Product) will record a double-digit expansion in Quarter 1 of 2021-22.