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News INCOME TAX

  • Mar 17, 2020
  • Gross tax revenue growth flat in April-February

    The gross tax revenue collected in the April-February period is nearly flat — a growth of 0.12% — compared to the mop-up in the corresponding period a year ago, the government said in Parliament on Monday. This makes it difficult for the government to achieve the modest growth baked into the revised estimate for gross tax collections this fiscal.

    The government garnered Rs 16.89 lakh crore of tax revenue (net of refunds) in the first 11 months of the fiscal, compared with Rs 16.87 lakh crore in the same period last year. In the face of the sluggish revenue collection growth, the government had cut the Budget estimate for gross tax collection by nearly Rs 3 lakh crore to Rs 21.63 lakh crore, a growth of about 4% over the actual tax collection last year.

    Due to corporate tax cut announced in September last year, the total direct tax collection for the April-February period came in 3.5% lower at Rs 8.14 lakh crore. However, indirect tax collection, which includes GST, saw a growth of 3.8% at Rs 8.75 lakh crore.