Contraction in corporate tax revenue may be explained by unlisted firms delaying tax payments in Q1FY24
Falling revenue estimates for firms may be leading them to again choose to push back their advance tax payments, says…
Tax collections from the Petroleum sector have increased by more than 36 % during the Covid-19 pandemic, revealed the data released by the Union Petroleum Ministry here on Monday.
Giving details of the tax collections from the Petroleum sector, Minister of State for Petroleum Sector Rameshwar Teli said the contribution to the central exchequer has increased from Rs 3,34,3144 crores in 2019-20 (Pre Covid-19 period) to Rs 4,45,069 crore during 2020-21—the year when the Covid-19 was at its peak.
Advertisement
This reveals that tax collections increased by more than 36.11% during the fiscal year 2019-20 to 2020-21. Interestingly the increase is hardly noticeable during the fiscal year 2016-17 to the fiscal year 2019-20—when there was no covid-19.
Advertisement
The Contribution of the petroleum sector to the Central Exchequer was Rs 2,35,175 crores during 2016-17, Rs 3,36,163 crore during 2017-18 Rs 3,48,041 crore during 2018-19, and Rs 3,34,315 crore during 2019-20 the Minister informed the Rajya Sabha while replying to a written question. But the contribution registered a sudden increase during the Covid-19 period when it crossed Rs 4,55,069 crores.
Advertisement
