Q1 advance tax mop-up falls 76% as Covid-19 pandemic bites economy

Net collection down 32%

Economic disruption caused by the pandemic has pulled down advance tax collection by 76 per cent in the first quarter, which is an indicator of a subdued earnings outlook of the corporate sector this year. 

Direct tax collection net of refunds was down 32 per cent as of June 15 over the same period last year. Advance tax collection stood at around Rs 12,000 crore as of June 15, the due date of the first instalment, as against Rs 50,000 crore in the same period last month. 

Corporation advance tax posted a 79 per cent decline in collection at Rs