1. Direct tax revenues up 15 per cent in Q1

Direct tax revenues up 15 per cent in Q1

The government on Thursday said the net direct tax collection for the April-June period grew by 14.8% over the corresponding period last year to Rs 1.42 lakh crore.

By: | New Delhi | Published: July 7, 2017 5:13 AM
Direct tax revenue, Direct tax revenue india, Direct tax collection, tax revenue india, india Direct tax revenue, india direct tax collection The government mopped up Rs 58,783 crore as advance tax till June 30, which grew by 11.9%.

The government on Thursday said the net direct tax collection for the April-June period grew by 14.8% over the corresponding period last year to Rs 1.42 lakh crore. This represents 14.5% of the total budget estimates of direct taxes for FY18, which is Rs 9.8 lakh crore. While the gross collection under corporate income tax (CIT) rose by 4.8%, the personal income tax (PIT), including securities transaction tax (STT), increased by 12.9%. However, after adjusting for refunds, the net growth in CIT collections came in 22.4% while that in PIT was 8.5%, the government said in a statement. Refunds amounting to Rs 55,520 crore have been issued during April to June 2017, which is 5.2% lower than the refunds issued during the corresponding period in FY 17. The government mopped up Rs 58,783 crore as advance tax till June 30, which grew by 11.9%. The growth in corporate advance tax stood at 8.1% and that in personal advance tax was at 40.3%.

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