Tax mop up in Q1 'very encouraging', shows economic recovery: Finance Secy

Income tax collection, by way of advance tax and TDS, in the April-June quarter was about 80 per cent of what was collected in the same period last year

Tax mop up in the first quarter of the current fiscal is "very encouraging" and indicates that the economy is recovering sooner than what was anticipated at the time of imposition of lockdown, Finance Secretary Ajay Bhushan Pandey said on Thursday.

He said the Revenue Department wants to bring in self-compliance among taxpayers by making available data of all financial transactions via Form 26AS at the time of filing income tax (I-T) return.

Pandey, who is also the Revenue Secretary, said about 70 per cent of the Rs 91,000 crore Goods and Services Tax (GST) collected in June is on