India's Net direct tax collection grew by 95 per cent in the financial year 2021-22 thereby reaching Rs 3.40 lakh crore, said Chairperson of Central Board of Direct Taxes, JB Mohapatra while remaining reasonably optimistic of achieving the target numbers.
Speaking to ANI, Mohapatra said, "Our net direct tax collections, after accounting for a refund is Rs 3.40 lakh crore, is in excess of 95 per cent as compared to the same date last year. The gross collection is a little over 51 per cent against the same date last year. So, we are in a good space right now. I would say that we are reasonably optimistic of achieving our target numbers," added Mohapatra.
Mohapatra also informed that CBDT issued refunds of over Rs 45,896 crore to more than 21.32 lakh taxpayers between April 1, 2021 to August 2, 2021. "Income tax refunds of Rs 13,694 crore have been issued in 20,12,802 cases and corporate tax refunds of Rs 32,203 crore have been issued in 1,19,173 cases," he said.
The CBDT chief further said, "The Income Tax Department has got a record Rs 5,373 crore in its STT collection during the first quarter of the financial year 2021. It is an increase of 109 per cent as against the first quarter of FY 2020."
Securities Transaction Tax (STT) is levied at the time of purchase and sale of on listed/unlisted shares in the stock market, derivatives, equity-oriented Mutual Funds, debentures and bonds.
During the first quarter of 2020, the Income Tax department has got a collection of Rs 2,568 crore as STT collection. During this quarter of the financial year, Sensex and Nifty has gained 6 per cent and 7 per cent respectively.
The Income Tax department has set direct tax collection for this fiscal year of Rs 11.08 lakh crore. Out of this collection, (from STT target), the current fiscal has been set at Rs 12,000 crore.
Talking about the new income tax e-filling website, the CBDT chief said that the work is under process. "As of yesterday, the new website recorded 43 lakh income tax returns and there are more than 7.3 lakh forms which have been received on the new portal. I agree that there are issues regarding the filling of forms. We are trying our best in order to set it right and to render an error-free, glitch-free service through this portal to the public," he said.
On August 7, the Income Tax department had notified three official email IDs for taxpayers to register their grievances over different aspects of the faceless assessment scheme. The Income Tax Department in October 2019 rolled out the faceless e-assessment scheme that eliminates the physical interface between an assessing officer and an assessee.
( With inputs from ANI )
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