“This supports our expectation that GDP
will record a double-digit expansion in Q1 FY2022,” said Nayar.
Gross collection at Rs 2.16 trillion is 57 per cent higher than last year. Refunds are down at Rs 30,731 crore compared to Rs 45,063 crore last year.
The Budget has estimated revenues from direct taxes at Rs 11.08 trillion, which will need a growth rate of 17 per cent over the 2020-21 actuals. Last year, the direct tax
mop-up at Rs 9.47 trillion was 9.7 per cent lower than the previous year due to the impact of the pandemic, but exceeded the revised estimates, which stood at Rs 9.05 trillion.
Tax officials have attributed it partly to payments from the Vivad se Vishwad Direct Tax Dispute Resolution Scheme and lower issuance of refunds, while others have said it is owing to increased compliance and enforcement due to the sharing of the goods and services tax
data with the Central Board of Direct Taxes.
Mumbai saw collection grow by nearly 96 per cent to Rs 55000 crore from Rs 28000 crore last year during this period. Delhi has seen a 77 per cent jump to Rs 23,000 crore from Rs 13,000 crore last year. Chennai and Pune have posted an expansion of 100 per cent and 167 per cent, respectively, to Rs 12,000 crore each.
The CBDT had received Rs 54,005 crore from the Vivad se Vishwas Scheme by March and the government was expecting another Rs 20,000 crore by April 30. However, the date of payments was extended to June 30 in a notification last month in view of the challenges arising due to the second Covid-19 wave.
Sudhir Kapadia, national tax leader, EY India, said: “It is evident from the tremendous growth in advance tax
payments this fiscal year over last year that India Inc has factored in a full cycle of economic recovery
after the second wave of Covid. This has no doubt been helped by a better understanding of the economic impact and accelerating pace of vaccinations. At the same time last year, there was far greater uncertainty about the true economic impact of the lockdown and also no vaccine discovery in sight.”
moderated to an eight-month low in May at Rs 1.02 trillion.
India’s merchandise exports in May grew 67.39 per cent at $32.21 billion over the same month last year and by 195.72 per cent in April at $30.63 billion.
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