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A source in the Mumbai region of the Income Tax Department said on Wednesday that the total tax collection as on 15 September 2019 in the last financial year was Rs 3,27,320.2 crore. This figure is not yet final as banks can make changes by the end of the day. Total tax collections declined by 31 per cent during the first quarter of the current fiscal year ended in June.
During this period, there was a 76 per cent drop in advance tax collection. This decline occurred due to the complete lockdown implemented nationwide to prevent the corona virus epidemic.
Some states are against borrowing options: Minister of State for Finance
Some states have objected to the Centre's proposed lending scheme to meet the GST revenue shortfall. They are being requested to choose either of the two options. Minister of State for Finance Anurag Singh Thakur gave this information.
The Center has given two options to the states at the end of last month to borrow Rs 97,000 crore from the special 'window' facility of the Reserve Bank or to raise a loan of Rs 2.35 lakh crore from the market. In a written reply to a question in the Rajya Sabha, Thakur said, 'Some states have raised objections to both the proposed options. They are being requested to use one of the two options. '
In response to a separate question, Thakur said that the outstanding compensation of Goods and Services Tax (GST) of 31 states and union territories was Rs 1,51,365 crore in the April-July period.