Indian govt’s net tax collection rises 86% to Rs 5.57 lakh crore in Q1

INTERNATIONAL DESK: The Indian government’s total tax collection in the April-June quarter grew about 86 per cent to more than Rs 5.57 lakh crore, Parliament was informed on Monday, The Economic Times reports.

Out of the total amount, collection of net direct tax stood at Rs 2.46 lakh crore and of indirect tax was at Rs 3.11 lakh crore.

“The net direct tax collection in the 1st quarter of FY 2021-2022 is Rs 2,46,519.82 crore as against Rs 1,17,783.87 crore during the same period of previous FY 2020-21 representing a growth of 109.3 per cent,’ Minister of State for Finance Pankaj Chaudhary said in a written reply to Lok Sabha.

The net indirect tax collection in the first quarter of FY 2021-2022 was Rs 3,11,398 crore as against Rs 1,82,862 crore during the same period a year ago, representing a growth of 70.3 per cent.

Replying to another question, Chaudhary said the Income Tax Department takes appropriate action under relevant laws against tax evaders.

Such action under direct tax laws includes searches, surveys, enquiries, assessment of income, levy of tax, interest, penalties and filing of prosecution complaints in criminal courts, wherever applicable.

Further, more than 107 prosecution complaints have been filed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

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.

Besides, 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.

In Panama Papers and Paradise Papers leaks cases, undisclosed credits of Rs 20,078 crore and Rs 246 crore, respectively, have been detected.