Direct tax collections from Mumbai dip 13% first time in 10 years

For the first time in the past one decade, direct tax collections from India’s commercial capital Mumbai witnessed a double-digit dip as it fell by about 13 percent by mid-January, according to Business Standard. The financial capital of the country contributes 37 percent to the total direct tax revenues. According to the report attributing to sources, the total direct tax collection figures in Mumbai have not even touched the nine-trillion mark so far. This leaves a gap of five trillion rupees, which will be needed to collect in another two months if Budget targets are to be achieved for 2019-20. The drop in total direct tax collections recorded in mid-January was followed by a decline of over 4 percent in December. The total collection from Mumbai up to December stood at Rs 2.20 trillion, 4.3 percent less than Rs 2.30 trillion in the same period in 2018. The fall further grew to double digits after the department released refunds on December 31, said the report citing an I-T official.

Source: pdicai

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