Total tax collection falls 22.5% till Sept 15: Sources
Mumbai: Total tax collection of the Centre, including advance tax collection for the second quarter, fell 22.5 per cent to Rs 2,53,532.3 crore till September 15 of the current fiscal as compared to the year-ago period, according to an income tax department source.
The source shared some details about the provisional data.
During the same period ended September 15, 2019, total tax collection stood at Rs 3,27,320.2 crore, the income tax department source from Mumbai zone said on Wednesday.
However, the source refused to share the advance tax numbers separately for the current quarter.
The numbers are provisional as banks will be able to update the final data by the end of the day, the source said.
During the first quarter ended June, gross tax collections fell 31 per cent driven down by a massive 76 per cent plunge in advance tax mop-up, as the country was in a full lockdown due to the pandemic.
Of the total collection till September 15, when taxpayers, both individuals and companies, are supposed to pay advance tax for the quarter, personal income tax at the national level stood at Rs 1,47,004.6 crore and corporation tax at Rs 99,126.2 crore, totalling the two major components of the tax revenue at Rs 2,46,130.8 crore, the source said.
The total collection fell 22.5 per cent, led by a 13.9 per cent dip in collections from Mumbai, which is the largest tax base, contributing to more than a third of the national collection.
The megapolis still continues to be the most affected region by the pandemic.
Total collection from the nation's financial capital fell to Rs 74,789.6 crore, down 13.9 per cent year-on-year (y-o-y), the source said but refused to share advance tax numbers for the quarter.
Of the total mop-up from Mumbai, total personal income tax till September 15, stood at Rs 34,808.8 crore and corporate tax was at Rs 32,921.2 crore.
Among the major tax collection zones, Bengaluru is the only zone where collection grew y-o-y clipping at 9.9 per cent over the past year.
The tech city contributed Rs 40,665.3 crore to the national tax kitty, up from Rs 36,986 crore a year ago, while Kochi reported the worst collection for the year with a massive 49 per cent plunge in collections at Rs 3,214.7 crore, the source said.
The numbers are provisional as banks will be able to update the final data by the end of the day , the source added.
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