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DIRECT TAXES REVENUES DEFY LOCKDOWN, JUMP 36.6% IN APRIL

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/

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