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The Centre’s direct tax revenue has exceeded the revised Budget target for the first time in four years on the back of robust advance tax mop-up for 2020-21 (FY21), providing a buffer to the otherwise fiscally stressed government.
With the payments of the last instalment on Monday, advance tax collection for FY21 was around 7 per cent higher than last year’s.
Net direct tax collection stood at Rs 9.18 trillion as of March 16, exceeding the Rs 9.05 trillion revised Budget target.
It is, however, 4 per cent lower than the last year’s collection of Rs 9.56 trillion in the comparable
