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Taxation |
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India faces first fall in direct taxes in at least two decades
25-Jan-2020
India's corporate and income tax collection for the current year is likely to fall for the first time in at least two decades, over half a dozen senior tax officials told Reuters, amid a sharp fall in economic growth and cut in corporate tax rates.
Prime Minister Narendra Modi's government was targetting direct tax collection of 13.5 trillion rupees ($189 billion) for the year ending March 31 - a 17% increase over the prior fiscal year.
However, a sharp decline in demand has stung businesses, forcing companies to cut investment and jobs, denting tax collections and prompting the government to forecast 5% growth for this fiscal year - the slowest in 11 years.
The tax department had managed to collect only 7.3 trillion rupees as of Jan. 23, more than 5.5% below the amount collected by the same point last year, said a senior tax official.
News Source:- https://economictimes.indiatimes.com/news/economy/finance/india-faces-first-fall-in-direct-taxes-in-at-least-two-decades-sources/articleshow/73582140.cms
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