Advance tax collection drops 31% in Q1, corporate tax catch-up down 79%

Gross withholding tax collection fell 31% in the first quarter of the current financial year, with the catch-up of withholding tax on corporations falling by 79%, an official said on Tuesday.

“Gross direct tax collection fell by 31% to Rs 1,37,825 crore in the first quarter of FY21 from Rs 1,99,755 crore in the June quarter 2019,” a tax official said. on income to PTI.

During the first two months of the June quarter, a nationwide lockdown was put in place to control the spread of the coronavirus pandemic. This had led to the closure of about 80% of the country’s economic activities.

Even though the lockdown was significantly lifted from June 1, the economy has yet to return to normal.

The last day to pay advance taxes was June 15.

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