Total adv tax up to Nov 16 stands at Rs 1.83 lakh cr: Govt

New Delhi, Nov 25 (SocialNews.XYZ) The total corporate advance tax collected up to November 16 is Rs 1.83 lakh crore and the top 500 corporations paid Rs 1.31 lakh crore, Lok Sabha was told on Monday.

Minister of State for Finance Anurag Thakur told the House that there are no targets for Advance Tax separately although there are targets for Corporation Tax for the financial year.

Top 500 companies paid 71.9% of the total amount collected till November 16, he said in a written reply.

The total direct taxes up to September 2019 is Rs 4.67 lakh crore against the Budget estimates of Rs 13.35 lakh crore while GST revenues were Rs 2.81 lakh crore against the Budget estimates of Rs 6.66 lakh crore, the House was told.

Customs has touched Rs 71,838 crore in revenue up to September 2019 against a Budget target of Rs 1.55 lakh crore. Total indirect taxes touched Rs 4.5 lakh crore as on September 2019 against R 11.22 lakh crore, Thakur said in a reply.

The total gross tax revenue was Rs 9.19 lakh crore till September 2019 of the current fiscal whereas the Budget estimate was Rs 24.61 lakh crore.

In another reply, he said, The Budget estimates for Central Goods and Services Tax (GST) for FY 2019-20 has been fixed at Rs 6,63,343 crore. The actual net GST collection for the Centre till October, 2019 in the current fiscal year is Rs 3,26,490 crore.

The shortfall or excess in collection of GST with respect to Budget estimate, if any, is calculated after completion of financial year.

The likely revenue forgone due to the reduction in corporate tax rates has been estimated to be Rs 1,45,000 crore, he said. The ministry said as on October 31, 2019, out of 2,39,828 loan applications received, 1,90,543 were accorded in-principle approval and 1,60,885 applications have been finally sanctioned using psbloansin59minutes portal.

Source: IANS