- Have any questions?
Govt’s net tax collection rises 86% to Rs 5.57 lakh crore in Quarter1
Parliament was informed on Monday that the government’s total tax collection increased by almost 86 percent in the April-June quarter to more than Rs 5.57 lakh crore. Net direct tax collection totaled Rs 2.46 lakh crore, while indirect tax collection totaled Rs 3.11 lakh crore.
Minister of State for Finance Pankaj Chaudhary said, “The net direct tax collection in the first quarter of FY 2021-2022 is Rs 2,46,519.82 crore as against Rs 1,17,783.87 crore during the same period of previous FY 2020-21, representing a growth of 109.3 percent.”
In the first quarter of FY 2021-2022, net indirect tax collection was Rs 3,11,398 crore, up from Rs 1,82,862 crore in the same time the previous year, a 70.3 percent increase.
In response to another query, Chaudhary stated that the Income Tax Department takes appropriate action against tax evaders in accordance with applicable legislation.
Searches, surveys, inquiries, income assessments, tax levy, interest, penalties, and the filing of prosecution cases in criminal courts, if applicable, are examples of actions taken under direct tax laws.
[pt_view id=”baa39696xe”]
Furthermore, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act of 2015, more than 107 criminal complaints have been submitted.
Assessment orders under the Act had been issued in 166 cases as of May 31, 2021, with a total demand of Rs 8,216 crore.
In the HSBC cases, concealed income of around Rs 8,465 crore was brought to tax, and a penalty of Rs 1,294 crore was imposed. In ICIJ (International Consortium of Investigative Journalists) cases, the undisclosed income of almost Rs 11,010 crore has been discovered.
Undisclosed credits totaling Rs 20,078 crore and Rs 246 crore have been discovered in the Panama Papers and Paradise Papers disclosures, respectively.