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The Ministry of Finance in its latest report has said that provisional Direct Tax collections for the Financial Year 2020-21 show growth of almost 5%, as net collections are at Rs. 9.45 lakh crore. The net Direct Tax collections include Corporation Tax (CIT) at Rs. 4.57 lakh crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs. 4.88 lakh crore. The net Direct Tax collections represent 104.46% of the Revised Estimates of Rs. 9.05 lakh crore of Direct Taxes for the FY 2020-21.

As per the report, the gross collection of Direct Taxes (before adjusting for refunds) for the FY 2020-21 stands at Rs. 12.06 lakh crore. This includes Corporation Tax (CIT) at Rs. 6.31 lakh crore and Personal Income Tax (PIT) including Security Transaction Tax(STT) at Rs. 5.75 lakh crore; Advance Tax of Rs. 4.95 lakh crore; Tax Deducted at Source (including Central TDS) of Rs. 5.45 lakh crore; Self-Assessment Tax of Rs. 1.07 lakh crore; Regular Assessment Tax of Rs. 42,372 crore; Dividend Distribution Tax of Rs. 13,237 crore and Tax under other minor heads of Rs. 2,612 crore.

The Ministry of Finance further noted that despite an extremely challenging year, the Advance Tax collections for FY 2020-21 stand at Rs. 4.95 lakh crore which shows a growth of approximately 6.7% over the Advance Tax collections of the immediately preceding Financial Year of Rs. 4.64 lakh crore.