The pandemic and the lockdowns lopped off three per cent of India’s economy in nominal terms in 2020-21, affecting the government’s tax collection.

       Personal income tax revenue fell commensurately by two per cent, but revenue from corporation tax, levied on company profits, fell much more, by 18 per cent. This would generally give the impression that companies like Reliance Industries, Tata Consultancy Services, Bajaj Finance and HDFC Bank, which are among the biggest corporate taxpayers, bore the brunt of the slowdown and paid less tax in FY21 as their profits were badly ...