Q1 net tax grew up 85.6 percent at Rs 5.5L crore

The government’s total tax revenues, including the direct taxes and indirect taxes, grew 85.6 per cent to Rs 5.57 lakh crore, government data shared in the Parliament on Monday has revealed.

Net direct tax collection in the April-June quarter rose 109.3 per cent to Rs 2,46,519.82 crore as against Rs 1,17,783.87 crore in the same period the previous fiscal, while net indirect tax collection rose 70.3 per cent to Rs 3,11,398 crore as against Rs 1,82,862 crore last year, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha.

Of the total direct tax mop-up of Rs 2.46 lakh crore in April-June, corporation tax collection stood at Rs 1,20,991.64 crore and income tax revenue was at Rs 1,20,154.78 crore. In indirect tax revenue, excise duty mop-up was Rs 1,01,564 crore, while central GST (CGST) revenue stood at Rs 1,17,446 crore.

Over 107 prosecution complaints have been filed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, Chaudhary said in a separate reply. As on May 31, 2021, assessment orders under the Act have been passed in 166 cases, wherein a demand of Rs 8,216 crore has been raised.

Undisclosed income of about Rs 8,465 crore has been brought to tax and a penalty of Rs 1,294 crore has been levied in HSBC cases. Undisclosed income of about Rs 11,010 crore has been detected in ICIJ (International Consortium of Investigative Journalists) cases, the reply by the Minister said.

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