Gross direct tax collection declines 4.92% to Rs 12.33 trn in FY20

The actual gross direct tax collection during 2019-20 fiscal dipped by 4.92 per cent to Rs 12.33 trillion on account on reduction in corporate tax rate, increased standard deduction and personal I-T exemption limit, the Income Tax Department said on Sunday.

However, the gross collections would have clocked a 8 per cent growth to Rs 14.01 trillion in 2019-20 if revenue foregone in corporate tax and Personal Income Tax (PIT) is taken into account.

The gross direct tax collection in 2018-19 fiscal stood at Rs 12,97,674 crore.