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₹12.33 lakh cr in FY20 due to reduction in corp tax, increase in PIT exemption

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NEW DELHI : The gross direct tax collection in 2019-20 fiscal dipped 4.92 per cent to ₹12.33 lakh crore on account of reduction in corporate tax rate, increased standard deduction and personal I-T exemption limit, the Income Tax department said on Sunday.The Central Board of Direct Taxes (CBDT), in a statement, said the fall in tax collection is on expected line and temporary in nature.The gross direct tax collection in 2018-19 fiscal stood at ₹12,97,674 crore.The government had lowered the net direct tax collection target for 2019-20 fiscal to ₹11.70 lakh crore in the Revised Estimates, from ₹13.3 lakh crore projected in Budget presented in July 2019.Although CBDT has not made public the actual net direct tax collection in 2019-20,.

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