TAX COLLECTION FALL – SECOND WAVE OF COVID 19

The growth in India’s tax collection activity could fall because of a second wave of COVID19 infections of this month, a finance ministry official said. Some of the business mans have expressed concern over the lockdown by many states after a surge in infections, fearing sales as well as tax collections. The India’s mainly customs and nationwide goods and services tax in the financial year ending on March 31 increased more than 12% on year to 10.71 trillion rupees.
The Federal net tax receipts, comprising corporate and individual taxes also risen to 9.45 trillion rupees for the 2020-2021 fiscal year, in revised target. In most economic sectors have difficult phase like adding metals, white goods, automobiles, cement, chemicals, electronics had shown growth.
India reported a 161,736 new coronavirus infections on Tuesday, the most globally for a total of 13.69 million cases

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