Why in news?
Direct tax collection recorded a healthy growth in April 2020 despite the nationwide lockdown and grew by 36.6%.
The Central Board of Direct Taxes (CBDT) had convened a video-conference on 1st May 2020, with tax commissioners to review the collection position during the lockdown period.
Reduced Tax Collection estimates
- The government is expected to miss the direct tax collection target for the financial year 2019-20.
- In addition, the outlook for indirect tax collection is also bleak in the first few months of the current financial year due to the countrywide lockdown.
- Some reports suggest that GST collection in April and May could decline drastically as the number of electronic permits for transporting goods are down 80% in April.
- With the lockdown extended till May 17, tax collections are expected to remain subdued.
Read More about CBDT here: https://www.legacyias.com/cbdt-revising-return-forms/