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Total tax collection plunges 22.5% to Rs 2.54 lakh crore so far this fiscal

Total tax collection plunges 22.5% to Rs 2.54 lakh crore so far this fiscal

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.To get more news about WikiFX, you can visit wikifx official website.

  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.

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  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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