Advance corporate tax inflows jump 49% in Q3

#GS3 #ECONOMY

Advance tax payments by companies has grown by 49% to ₹1,09,506 crore in the third quarter this fiscal.

  • The increase can be attributed primarily to the low base last fiscal, when the government had slashed corporate tax rates to a record low of 25% in Q3, leading to lower tax payout by companies. 
  • During the same quarter last fiscal, corporate advance tax stood at ₹73,126 crore. 
  • Gross tax collection stood at ₹7,33,715 crore, while net mop-up was ₹5,87,605 crore in the quarter.
  • During the quarter, the department had refunded ₹1,46,109 crore, or 8.1% lower from a year earlier.
  • Overall advance corporate tax so far for the year had fallen 4.9% to ₹2,39,125 crore, as the first two quarters bore the brunt of the lockdown. 
  • Advance personal income tax on a year-on-year basis this quarter, declined 5.6% to ₹31,054 crore, the source said, adding the same so far this fiscal stood at ₹60,491 crore, 10.4% lower than a year earlier.
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