Almost Doubled Tax Collection in April to June Quarter of FY 2021-22

Good news for the Government and common men! This time there are indications of Positive economic sentiment in the market that shall ultimately result in the welfare of the people of the country.

The direct tax These types of taxes are directly imposed and paid to the government of India. Example of Direct Tax is Income Tax, TDS, Securities Transaction Tax, Fringe Benefit Tax, etc collected for the first quarter of the present fiscal year has doubled as compared to the first quarter of the previous year . The aforesaid information was channelised through the Union Minister of State for Finance Pankaj Choudhary in the written reply to a question put forward in the Rajya Sabha today.

The minister while replying to the aforesaid question said that the direct tax collection in the first quarter of financial year 2021-2022 was Rs 2,46,519.82 crore in comparison to Rs. Rs 1,17,783.87 crore during the first quarter of the previous Financial Year 2020-21.

The minister further added that it indicates the revival of the economic activities and the positive economic sentiment among the taxpayer.

When questioned about second quarter the minister added that the stakeholders have to wait for some time. Coming to Indirect Tax (Including GST and non GST), the net Indirect Tax collection in the first quarter of the FY 2021-2022 is Rs 3,11,398 crores.

Responding to the status of ‘Vivad-se-Vishwas Scheme Vivad se Vishwas Scheme, 2020 was announced by the Finance Minister after the budget announcement this year to provide dispute resolution regarding. Read more‘, the Minister said that the government has resolved to a significant extent a number of the pending direct tax disputes amicably.

To sum up, the economy is recovering from the shock of Covid pandemic and the higher tax collection shall enable the government to run welfare programmes thus benefitting the common man.