New Delhi There has been a steep decline in the total tax collections of the country in the current financial year. During the current financial year till September 15, the total tax collection of the country has fallen by 22.5% compared to the same period a year ago. The total tax collection between April 1 and September 15 has been Rs 2,53,532.3 crore. It also includes advance tax collection for the second quarter. This information was given on Wednesday by a source of income tax department.
A source in the Income Tax Department told news agency PTI that the total tax collection as on 15 September 2019 in the last financial year was Rs 3,27,320.2 crore. However, the source declined to divulge the advance tax figures for the current quarter. The source said that the figure is not yet final, as banks can make changes by the end of the day.
During the first quarter of the current financial year ie April to June, there was a decline of 31 per cent in total tax collections. During this period, there was a steep decline of 76 per cent in advance tax collection. This decline in tax collections has been observed due to a nationwide lockdown implemented to prevent the spread of corona virus infection.
Mumbai is the largest contributor to the total 22.5 per cent decline in tax collection. Tax collection from Mumbai declined by 13.9 percent. Mumbai has the largest tax base. Mumbai accounts for more than one-third of the total national tax collection. Mumbai is also a city badly affected by the Corona virus epidemic. Tax collection from Mumbai, the country’s financial capital, declined by Rs 74,789.6 crore.
Bengaluru is the only city among the largest tax collection areas, where tax collections have increased year after year. Tax collection has increased by 9.9 percent from here. This tech city has contributed Rs 40,665.3 crore to the total tax collection of the country. A year ago the tax collection from here was Rs 36,986 crore.
According to sources, Kochi is doing its worst this time in terms of tax collection. There is a 49 percent drop in tax collection from here. Tax collection from here is just Rs 3,214.7 crore.