Hyderabad: As the businesses are reeling under the impact the COVID-19 induced lockdown, the overall tax collections up to October 17, 2020-21 fell to Rs. 3.7 lakh crore, as against Rs. 4.98 lakh crore in the same period last financial year.
In the Hyderabad I-T region, which comprises Telangana state and Andhra Pradesh, the net collection was Rs. 20,943 crore (Rs. 27,592 crore last year), down 24.1 per cent. Corporate tax was at Rs. 8,535.4 crore and I-T Rs. 12,183.6 crore. The target for the Hyderabad region was Rs. 73,809 crore.
However, given the conditions, the income-tax department considers it a ‘decent performance’.
A target of Rs. 13.19 lakh crore had been set for the financial year 2020-21 by the Central Board of Direct Taxes (CBDT) for the Income-Tax department. While a slight increase in collections between August 10 and October 17 came as a relief for tax officials, not much improvement is expected this financial year.
According to the latest figures, accessed by Deccan Chronicle, the net collection from India’s financial capital Mumbai stood at about Rs. 1.17 lakh crore while the figure during the same period in the last financial year was over Rs. 1.51 lakh crore. The growth dipped 23 per cent. Of the total collection, the corporate tax was Rs. 64,499.9 crore and I-T Rs. 43,649.3 crore.
In the Delhi I-T region, the net collection stood at Rs. 47,636.4 crore as against the last year’s collection of Rs. 74,366.6 crore). Growth was down 35.9 per cent.
The Bengaluru I-T region fared well as net collections stood at Rs. 52,214.9 crore against Rs. 51,749 crore last year, recording a growth of 0.9 per cent. The corporate tax collected was Rs. 23,242.7 crore and I-T Rs. 28,611.2 crore. Karnataka was among the states which had eased the lockdown earlier than others.
As for the Chennai I-T region, the net collection was Rs. 22,539.3 crore (Rs. 35,896.7 crore last year), and growth went down 37.2 per cent. The corporate tax collected was Rs. 10,105 crore and I-T Rs. 12,438.1 crore.