Advance tax collection falls 31% in Q1\, corporation tax mop-up down 79%

Advance tax collection falls 31% in Q1, corporation tax mop-up down 79%

Gross direct tax collection fell a full 31% to Rs 1,37,825 crore in the first quarter of FY21

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advance tax | Corporation Tax | Direct Tax

Press Trust of India 

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Even though the lockdown has been lifted considerably from June 1, the economy is yet to crawl back to normalcy.

The gross collection fell 31 per cent in the first quarter of the current fiscal, with advance mop-up declining 79 per cent, an official said on Tuesday.

"Gross collection fell a full 31 per cent to Rs 1,37,825 crore in the first quarter of FY21, down from Rs 1,99,755 crore in the June 2019 quarter," an income tax official told PTI.

During the first two months of the June quarter, a nationwide was in place aimed at controlling the spread of the pandemic. This had resulted in shuttering of around 80 per cent of the country's economic activities.

Even though the has been lifted considerably from June 1, the economy is yet to crawl back to normalcy.

The last day to pay advance taxes was June 15.

Read our full coverage on advance tax
First Published: Tue, June 16 2020. 15:11 IST