News

Direct tax mop-up rises 39% amid sharp decline in disbursement of refunds

Direct tax mop-up rises 39% amid sharp decline in disbursement of refund

Gross direct tax collections recorded a 13 per cent fall up to May 23 this year, compared to the same period last year. This came on the back of economic disruption caused by the outbreak.

However, a sharp decline in disbursement of refunds by the tax department has bumped up net collections, which rose 39 per cent during the period.

Gross tax collections declined to Rs 91,646 crore between April 1 and May 23, compared to Rs 1.05 trillion in the corresponding period of FY20. Refunds worth Rs 16,242 crore were issued during this period, a 68 per cent fall compared to the Rs 51,655 crore disbursed last year

Top