Advance corporate tax collection jumps 49%
Mumbai: Further adding to the recovery signals, advance tax payment by companies has shown a massive 49 per cent growth to Rs 1,09,506 crore in the third quarter this fiscal, a CBDT source has said.
The increase can primarily be attributed to the low-base last fiscal when the government had slashed the corporation tax rates to a record low of 25 per cent in the third quarter, leading to lower tax payout. During the same quarter last fiscal, the corporate advance tax stood at Rs 73,126 crore.
The gross tax collection stood at Rs 7,33,715 crore, while net mop-up was Rs 5,87,605 crore in the quarter, the source said. During the quarter, the department has refunded Rs 1,46,109 crore, which is less than 8.1 per cent from Rs 1,58,988 crore in Q3 of FY20.
Overall, the advance corporate tax stood at Rs 2,39,125 crore so far this year, down 4.9 per cent from Rs 2,51,382 crore as the first two quarters bore the brunt of the lockdown. Advance personal income tax this quarter (on year-on-year basis)declined 5.6 per cent to Rs 31,054 crore from Rs 32,910 crore, the source said.