Nation’s economic slowdown smacks tax collection
Economic slowdown in the country has even hit tax collection in the April-June quarter. Only 6.77 per cent growth in gross direct tax collection has been recorded in the quarter while the target for the year was 15 per cent.
The gross tax collection for the quarter was over Rs 1.11 lakh crore as against over Rs 1.04 lakh crore in the year-ago period.
However, the collections on account of personal income tax during the three months grew by 13 per cent to Rs 40,520 crore. It was Rs 35,858 crore in April-June, 2011.
These figures indicate that the corporates would post passive growth in profits. The companies will start posting their first quarter results later this week.
Corporate and personal income taxes are the two major components of direct tax, of which the gross mop-up of corporate taxes stood at Rs 70,594 crore as against Rs 68,223 crore in the same period last fiscal. And the net direct tax collection, which is the gross collections less refunds, was also up 47.16 per cent at Rs 84,273 crore in the June quarter of the current fiscal. It was Rs 57,267 crore in the year ago period.
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Source: Financial Express
April-June quarter, Corporate tax, Corporates, direct tax, Economic slowdown, Income Tax, personal income tax, Tax collection
