Net direct tax collection grew by 14.8 per cent to 1.42 lakh crore rupees at the end of first quarter on account of surge in advance tax payments. An official release said, net direct tax collections represent 14.5 per cent of the total Budget Estimates of 9.8 lakh crore rupees for Direct Taxes for 2017-18. During April to June, the government also issued refunds to the tune of 55 thousand 520 crore rupees. This was, however, 5.2 per cent lower than the refunds issued during the corresponding period last fiscal. The collection under Corporate Income Tax grew at 4.8 per cent while the growth under Personal Income Tax including Securities Transaction Tax remained 12.9 per cent. The release also said, an amount of 58 thousand 783 crore rupees has been received as an advance tax up to 30th of June reflecting a growth of 11.9 per cent year-on-year. The growth in corporate advance tax is at 8.1 per cent and that in personal advance tax is at 40.3 per cent.
News On AIR | July 6, 2017 9:49 PM
Net income tax collection grew by 14.8 % in first quarter