Minister of State for Finance Pankaj Chaudhary said on Tuesday increased tax collection in the first quarter this fiscal shows that the economy is on the recovery path.
Net direct tax collection in the April-June quarter of the current fiscal is over ₹2.46 lakh crore, as against more than ₹1.17 lakh crore during the same period of the previous fiscal.
“Reasons for increase in the collections include revival of economic activities and positive sentiments among taxpayers during this current financial year, leading to increased income estimates and higher advance tax payments in the first quarter of the FY 2021-22 as compared to the corresponding period of FY 2020-21,” he said in a written reply to the Rajya Sabha, according to a PTI report.