Corporate tax advances rose 49% to £ 1.09.506 billion in the third quarter of this fiscal year, according to a CBDT source.
The increase is largely due to the low base last fiscal year when the government cut corporate tax rates to a record low of 25% in the third quarter, resulting in a lower tax payout by companies. For the same quarter of the last fiscal year, corporate income tax was 73,126 crore. The gross tax collection was 7.33,715 crore, while the net mop-up for the quarter was 5.87,605 crore, the PTI source said.
During the quarter, the department had refunded £ 1.46,109 crore, or 8.1% less than the previous year.
The total corporate tax prepayment for the year had so far fallen 4.9% to £ 2.39.125 billion as the first two quarters took the brunt of the lockdown. Personal income tax prepayment decreased 5.6% year over year to 31,054 crore this quarter, the source said. So far this fiscal year has been 60,491 crore, 10.4% less than a year earlier.
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