Tax Collection Issues Raised this year, Estimated 2 Lakhs pending in collection

If you are waiting for the most personal income tax deduction in the budget presented on February 1, then you may feel disappointed. The tax collection of the government is expected to be very low in the current financial year. Tax collection is estimated to be less by Rs 2 lakh crore. In such a situation, there is little scope for Finance Minister Nirmala Sitharaman to give any good news on the tax front.

View all commentsWrite your commentAccording to information received from the sources, income and corporate tax collection may be reduced by Rs 1.5 lakh crore for the financial year 2019-20. At the same time, indirect tax collection can be less than Rs 50,000 crore from the target. That means a total reduction of 2 lakh crores.

now that the government has already suffered such a huge loss on the tax collection front, then obviously the tax in the budgetThe scope of the declaration of deduction becomes less. Explain that in September 2019, to speed up the economy, Finance Minister Nirmala announced a big cut in the corporate tax rate. It was expected that further reduction in personal income tax could also be announced. However, due to lower than expected tax collection and disinvestment target not being met, its scope seems to be over.