Advance tax collection from companies fell 5.2% in Q3; personal income tax collection witness marginal growth.
Up and Down: The collection of advance tax paid by companies fell 5.2% in the October-December quarter of this fiscal year. Meanwhile, personal income tax collection saw marginal growth during the same period.
Advance corporation tax collection fell to INR73,000cr in Q3 vs INR77,000cr a year ago. Personal income tax paid in advance rose to INR33,000cr against INR24,000cr over this period in FY19.
"The collection figures state there is a need for cuts in direct tax collection targets at least for the corporate sector. It is also disturbing because the Centre’s fiscal deficit has crossed the target for 2019-20 by 2.4% by October itself." BS
DND: The GST Council meets today to explore ways and means to maximise revenue collection by checking tax evasion.
A GST rate hike is, however, unlikely.
The government has set a INR1.10Lcr monthly GST collection target in the remaining four months of this fiscal year. Moneycontrol
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