Further adding to the recovery signals, advance tax payment by companies has shown a massive 49 per cent growth to Rs 1,09,506 crore in the third quarter this fiscal, a CBDT source has said.
The increase can primarily be attributed to the low-base last fiscal when the government had slashed corporate tax rates to a record low of 25 per cent in the Q3, leading to lower tax payout by companies.
During the same quarter last fiscal, corporate advance tax stood at Rs 73,126 crore. The gross tax collection stood at Rs 7,33,715 crore, while net mop-up was Rs 5,87,605 crore in the quarter, the source told .
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