Total Tax Collection Falls 22.5% Till September 15, 2020: Source
Total tax collection of the Centre, including advance tax collection for the second quarter, fell 22.5 per cent to Rs 2,53,532.3 crore till September 15 of the current fiscal as compared to the year-ago period, according to an income tax department source.
Mumbai, Sep 16: Total tax collection of the Centre, including advance tax collection for the second quarter, fell 22.5 per cent to Rs 2,53,532.3 crore till September 15 of the current fiscal as compared to the year-ago period, according to an income tax department source.
The source shared some details about the provisional data. During the same period ended September 15, 2019, total tax collection stood at Rs 3,27,320.2 crore, the income tax department source from Mumbai zone told PTI over phone on Wednesday. Income Tax Upto 83% to be Levied if Unexplained Cash Credited in Your Bank Account or Gold And Jewellery Found in Your Possession.
However, the source refused to share the advance tax numbers separately for the current quarter. The numbers are provisional as banks will be able to update the final data by the end of the day, the source said.
During the first quarter ended June, gross tax collections fell 31 per cent driven down by a massive 76 per cent plunge in advance tax mop-up, as the country was in a full lockdown due to the pandemic.