Government's Decision to Impose GST Proving to be Slow Death for Economy
- The net direct tax collections in the first five-and-a-half months of 2019-20 making up just a third of the full-year target.
- Net direct tax collections during April 1-September 15 grew just 5% to Rs 4.4 lakh crore.
- The slowdown has translated into single-digit growth of 6% in advance tax collection up to September 15, as against 18% during the corresponding period last year.
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- Companies pay 30% and 25% of their liability in the next two installments due December 15 and March 15 respectively.
- With the sharply slower revenue growth, the government’s direct tax targets are looking out of reach for the second consecutive year.