Corporation tax mop-up slips 14%; total tax collection in Q1 rises 3.38%

Collections from the corporation tax declined nearly 14 per cent year-on-year (YoY) to Rs 1.38 trillion in the first quarter of this financial year (Q1FY24), from Rs 1.61 trillion, despite signs of economic recovery. The revenue under this head had risen almost 30 per cent YoY in the first three months of 2022-23.

The decline in the corporation tax mop-up was in line with that in excise duty receipts. This, however, contrasted the revenue trend concerning personal income tax (PIT), goods and services tax (GST), and Customs duty.