Direct tax collection rises 22% to Rs 10.60 lakh crore this fiscal
According to the data released by the Ministry of Finance, collection from direct tax rose 17.59% to Rs 12.37 lakh crore on a gross basis.
The gross advance tax collection fell 31 per cent in the first quarter of the current fiscal, with advance corporate tax mop-up declining 79 per cent, an official said on Tuesday.
“Gross direct tax collection fell a full 31 per cent to Rs 1,37,825 crore in the first quarter of FY21, down from Rs 1,99,755 crore in the June 2019 quarter,” an income tax official told PTI.
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During the first two months of the June quarter, a nationwide lockdown was in place aimed at controlling the spread of the coronavirus pandemic. This had resulted in shuttering of around 80 per cent of the country’s economic activities.
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Even though the lockdown has been lifted considerably from June 1, the economy is yet to crawl back to normalcy.
The last day to pay advance taxes was June 15.
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