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Direct tax collections fall 5% till Jan 15

Direct tax collections fall 5% till Jan 15

The direct tax collections till January 15 stood at Rs 7.3 lakh crore, down 5.2 per cent from the year-ago period. There is no precedent of a contraction indirect tax growth at least in recent history.

Key Points:

  • The collection for direct tax in the current fiscal until 15 January has fallen by 6.1% compared with the corresponding period of previous year.
  • It is after a long gap that tax collection is lower than the numbers given in the previous year. This has rung the alarm bells that the current economic crisis may be deep-seated and would take much time to recover from.
  • Personal income tax collection grew 6.5% till January 15, as against 23.3% budgeted.
  • The corporate tax rate was slashed to 22% from 30 per cent earlier for regular firms, while it was cut to 15% from 25 per cent for new manufacturing units.
  • The collection is further impacted by a slowing economy which is expected to grow 5% this financial copy.
  • The growth in taxes paid by corporations first entered the negative territory in November 2019 when it contracted by about 1% from a year-ago period.

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