Refunds save the day for April direct tax collection; mop-up down 5%

Immediate tax collection surged 36.5 for each cent to Rs 34,784 crore in the very first month of fiscal calendar year 2020-21, even with a nationwide lockdown, many thanks to a 63 for each cent calendar year-on-calendar year (YoY) slide in tax refunds in April.

With no accounting for refunds, the collection contracted 5.4 for each cent, indicating muted economic exercise as the Covid-19 pandemic and subsequent curbs paralysed most sectors.

Gross immediate tax collection stood at Rs forty one,556 crore in April, as in opposition to Rs 43,950 crore in the corresponding period of time last calendar year. Refunds of Rs six,772 crore were about a 3rd of the total disbursed in the exact month last calendar year, at Rs 18,474 crore, which boosted web collection. By the way, the governing administration last month announced expediting refunds up to Rs 5 lakh to strengthen hard cash flows for folks

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