Quick Summary
Advance tax collections at the close of the third instalment in the ongoing financial year have shown a significant slowdown, growing by a little over 4%, as per data released by the Income Tax Department. This marks a steep decline from the around 21% growth recorded during the same period last year. The muted performance has triggered concerns over whether net direct tax collections will meet the Budget Estimate, although officials remain hopeful of achieving the Rs 25.20 lakh crore target fo
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FAQ :
Advance tax collections have grown by just over 4% after the third instalment in the current financial year.
This growth rate is a significant decline from the around 21% growth recorded during the same period last year.
Corporate advance tax payments rose by nearly 8%, while non-corporate tax collections fell by around 6.5%.
Tax experts believe that income-tax relief announced in recent Budgets and GST rate reductions may have softened tax outgo and affected collections.
Net direct tax collections between April 1 and December 17 stood at over Rs 17.04 lakh crore, an 8% year-on-year increase.
Officials remain hopeful of achieving the Rs 25.20 lakh crore target for FY 2025-26, with the final quarter being crucial for meeting these goals.
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