As per the statement of the Finance Ministry India, the Govt collects Rs 2.41L cr from income tax as a direct tax in the first quarter of 2021 i.e. April to June. In the same period, the government of India has collected Rs.1.01 lakh crore on excise duty. At Lok Sabha, the finance minister Mr. Pankaj Chaudhary declared that a total of Rs.41,831 crore has been collected from the customs duty. Whereas Rs.1,01,564 crore has been collected in the first quarter from excise duty. In the article, we will discuss Govt Collects Rs 2.41L Cr From Income Tax In Q1.
The Major Reason Behind Huge Excise Collection
Last year only, the government of India increased the excise duty on diesel and petrol. And that contributes to the higher collection of excise duty in this quarter.
Other Tax Collections In The First Quarter Of 2021-2022
- Rs. 1.21 lakh crore has been collected so far from the corporate tax.
- Nearly Rs.1.20 lakh crore has been collected from the personal income tax (PIT) through the ITR Filing.
- Rs.5373 crores have been collected so far from the Securities Transaction Tax (STT).
- Till June 2021, the net collection of central GST (Goods & Service Tax) was more than Rs.1.17 lakh crore.
- The collection through compensation cess was around Rs.24,636 crore in India.
Comparing With The Previous Year
In 2020-21 the mop-up from excise duty was Rs.3.89 lakh crore whereas the customs duty collection was Rs.1.34 lakh crore.
Whereas the mop-up from personal income tax paid through ITR filing was around Rs.4.71 lakh crore. The tax collection from Securities Transaction Tax was Rs.16,927 crore. At the same time, the collections from the corporate tax were around Rs.4.57 lakh crore.
In the fiscal year 2018-19, the total excise duty collection on petrol and diesel were Rs.2.13 lakh crore only. In the fiscal year 2021-22, the total excise collection on petrol and diesel is around Rs.94,181 crore in the first quarter only that is in between April 2021 to June 2021.
The hike in prices in petrol and diesel is the main reason that contributes to the higher tax collection in Q1.
Moreover, If you want any other guidance concerning ITR Filing, please feel free to talk to our business advisors at 8881-069-069.
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