Direct Tax Collection in the Negative Zone
- Government sources said that direct tax collection in the current fiscal up to 15 January has fallen by 6.1% compared with the corresponding period of previous year. Direct tax collections stood at 7.26 trillion in the April-15 January period of FY20 as compared to 7.73 trillion in the same period of the previous year.
- Revenue Department officials have attributed the shortfall to a combination of the government’s decision to cut corporate tax rates in September, the overall economic slowdown and the reshuffle in the department following the implementation of the faceless tax assessment plan that has been carried out with out ....
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