Individual income tax and corporate tax collections were down 17% during the last October

Mumbai, Ta-26 November 2019, Tuesday

Personal income tax and corporate tax collections were down 5 percent in October. In October 9, the Central Board of Direct Taxes collected Rs 5 crore, which is Rs 5 crore in October this year, according to available data.

According to data released by the finance ministry, direct tax collections during the seven months of April to October of the current financial year stood at Rs 1.8 trillion (gross collection less refunds). In the period of 9, the figure stood at Rs 1.8 trillion.

Thus, the recovery rate during the seven months has been very low. The tax base of the tax collection depends on how the economy of the country stabilizes.

In the first quarter of the current fiscal year, the country's economic growth rate was reduced to five percent, six years lower.

The impact of the corporate tax deduction was still visible in the tax collection figures as many companies still decided on their choice, said a specialist in the tax sector.

It is currently difficult to know how much impact the tax deduction will have on corporate tax deductions. This fact will be clear when the budget is presented next year.

The government has reduced corporate tax from 5 percent to 5 percent. The reduction was made after the September 6 deadline to pay advance taxes, so the impact will be seen when it is seen, he added.