Government's net tax collection rises 86% to Rs 5.57 lakh crores in Q1

The total tax collection of the government for the April-June quarter grew about 86%, i.e. more than Rs 5.57 lakh crore. The net direct tax stood at Rs 2.46 lakh crores and indirect tax was at Rs 3.11 lakh crores. During the financial year 2020-21 the net direct taxes were Rs 1, 17 lakh crores which indicates that there has been a growth of 109.3 percent when compared with the current financial year. Similarly, the net indirect taxes were Rs 1.82 lakh crores, depicting a growth of 70.3 percent in the current financial year.

More than 107 prosecution complaints have been filed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Undisclosed income of about Rs 8,465 crores has been brought to tax and a penalty of Rs 1,294 crores has been levied in HSBC cases. Undisclosed income of about Rs 11,010 crores has been detected in ICIJ (International Consortium of Investigative Journalists) cases. The undisclosed credits of Rs 20,078 crores and Rs 246 crores is also detected in the In Panama Papers and Paradise Papers leaks cases.

Source: Business Standard