Direct Tax Collection Drops by 17% in October, 12.23L New Jobs were Created in September

Direct tax collection drops by 17% Y-o-Y in October. 12.23L new jobs were created in September, down from 13.38L in August.

 

ECONOMY

Direct tax collection drops by 17% Y-o-Y in October.

Taxation Ain't Heft: Personal income tax and corporate tax collections fell 17% Y-o-Y in October.

 

The Central Board of Direct Taxes had collected INR61,475cr in October 2018 but this amount fell to INR50,715cr in October 2019. Direct tax collection for the April-October period, meanwhile, rose by 4.7% this year.

 

Due to the lack of data, it's too early to find out how much of the tax collection drop was on account of the corporate tax cut that the government announced recently. But the declining numbers don't bode well for overall revenue mobilisation, which could suffer and affect Budget 2020-21. BS

12.23L new jobs were created in September, down from 13.38L in August.

You're Hired: As per the payroll data of Employees' State Insurance Corporation (ESIC), around 12.23L new jobs were created in September 2019. In August 2019, that number was 13.38L.

 

Gross enrollments of new subscribers with the ESIC were 1.49cr during the entire 2018-19 fiscal, the National Statistical Office (NSO) said in a report. More details here.

FIN.

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