Advance tax collection surges 146% despite Covid-19-led economic disruption

Net direct tax mop-up zooms 100% till June 15

The advance collection of corporation tax and personal income tax in the first quarter grew 146 per cent over last year, while overall net direct taxes doubled during this period compared to 2020, reigniting hopes of sustained economic recovery despite the disruption caused by the second wave of the pandemic.

Collection in the first quarter grew to Rs 28,780 crore against Rs 11,714 crore, the preliminary data released by the Central Board of Direct Taxes showed on Wednesday.

Of the advance tax, corporation tax accounted for Rs 18,358 crore and personal income tax Rs 10,422 crore.

“This amount is expected to increase as