The Centre’s total net direct tax collection, which includes advance tax, dropped 17.6 percent in FY 2020-21 till December 15.
According to a report by Moneycontrol, direct tax collected up to December 15 stood at Rs 4.95 lakh crore as against Rs 6.01 lakh crore for the same period a year ago.
These are based on initial projections and the numbers are subject to change, as and when more data comes in from the banks. The tax department received the third installment of advance tax on December 15.
According to the initial projections, corporate tax collected till December 15 stood at Rs 2.26 lakh crore and personal income tax stood at Rs 2.57 lakh crore.
The government had reduced the corporation tax rate for existing and newly incorporated companies to 25 percent and 15 percent, respectively, last year, after the September 15 deadline for advance tax payment was over.
According to government data released in October, fiscal deficit rose to Rs 9.14 lakh crore, about 114.8 percent of the annual budget estimate, during the first six months of the current financial year, mainly on account of poor revenue realisation.
The revenue realisation during the current fiscal suffered on account of the lockdown imposed by the government to check the spread of coronavirus pandemic.
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