Tax mop up in first quarter of the current fiscal is ‘very encouraging’ and indicates the economy is recovering sooner than anticipated at the time of imposing lockdown, Finance Secretary Ajay Bhushan Pandey said.
He said the Revenue Department wants to bring in self-compliance among taxpayers by making available data of all financial transactions via Form 26AS at the time of filing income tax returns.
Mr. Pandey, also the Revenue Secretary, said about 70% of the ₹91,000 crore Goods and Services Tax (GST) collected in June is on account of transactions in May.
“For June, going by the current trends, we have a certain trend about how many people have made payments so far, and also, the e-way bill... truck movement... all these things are giving encouraging signals that the economy is coming back to the realm sooner than what was being anticipated when the lockdown started in March,” he said.
Besides, income tax collection, by way of advance tax and TDS, in the April-June quarter was about 80% of what was collected in the same period last year.
