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 corporation tax rates to a record low of 25 per cent in the Q3, leading to lower tax payout by companies.
During the same quarter last fiscal, 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 told PTI on Thursday.
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.
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Overall 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 on the year-on-year basis this quarter declined 5.6 per cent to Rs 31,054 crore from Rs 32,910 crore, the source said, adding the same so far this fiscal stood at Rs 60,491 crore, down 10.4 per cent from Rs 67,542 crore.
(PTI Report)
