New Delhi: The apparent impact of stalling economic activity is visible on the government revenue due to the implementation of the lockdown to prevent infection of the corona virus even before the start of the current financial year. For the first quarter (April-June) of the current financial year, gross tax collections declined by 31 per cent, while advance corporate tax collections fell by 79 per cent. Government revenue collection figures are as of June 15.
A government official of the Income Tax Department said that gross direct tax collection in the first quarter of the current financial year was Rs 137,825 crore. Whereas in the same quarter last year, the collection was Rs 199,755 crore.
In the first two months of the April-June quarter, around 80 percent of the country’s economic activity remained cold due to a nationwide lockdown. Lockdown restrictions have been lifted substantially since June 1, yet economic activity has not returned to normal. The last date for submission of advance tax was 15 June. Companies have to submit advance tax as per their income estimate. Due to its collection, economic activities are estimated to a large extent.
