Corporate, personal IT collection surge boosts advance tax mop-up 52%

• June 17, 2022
• CA Chandan Agarwal's Office

Corporate tax mop-up jumps 46%, personal IT 52% on robust recovery

The first instalment of advance tax collection for both corporate and personal income tax has recorded impressive gains, initial data reveals. While growth in corporate tax was around 46 per, personal income tax gains surged over 52 per cent. The collection through corporate tax was around ₹26,800 crore, while personal income tax totaled up to around ₹15,800 crore.

“This is the initial data and is expected to rise significantly further once bank reconciliation is done,” a senior government official said. Wednesday was the due date for payment of the first advance tax instalment. Initial data also showed that overall direct tax collection registered very high growth. These numbers have come at a time when overall economic growth is being questioned. Also, producers’ inflation, measured by the Wholesale Price Index (WPI), is the highest in nearly four decades.