Reflecting the tepid recovery in the overall economy after lifting of national lockdow..
Reflecting the tepid recovery in the overall economy after lifting of national lockdowns, the pace of deceleration in tax collections has slowed down with total tax mop-up touching Rs 2,53,532.3 crore so far this fiscal, which though is still down 22.5 percent from the year-ago period, according to an Income Tax Department source.
Economists described the numbers as in line with their expectations, saying the sequential improvement from the first quarter when the total tax mop-up had plunged 31 percent was expected given the fragile momentum seen in the overall economy.
During the period ending September 15, 2019, total tax collection had stood at Rs 3,27,320.2 crore, the income tax source from the Mumbai zone said, adding the numbers are provisional as banks are yet to update the final figures.
However, the source refused to share the advance tax numbers separately for the current quarter, which had nosedived in the first quarter. Similarly, the source also did not share total refunds this year, as well as the gross collections.
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During the first quarter ending June, gross tax collections had fallen by a steeper 31 percent to Rs 1,37,825 crore, driven down by a massive 76 percent plunge in advance tax mop-up, as the country was on a full lockdown due to the pandemic.
"Of the total collection till September 15, when taxpayers, both individuals as well as companies, are supposed to pay advance tax for the quarter, personal income tax collection at the national level stood at Rs 1,47,004.6 crore and corporation tax mop-up at Rs 99,126.2 crore, totalling the two largest components of the tax kitty at Rs 2,46,130.8 crore," the source told.Follow our full coverage of the coronavirus pandemic here.