Direct tax collection up 14.8% in April-June

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New Delhi, July 6 (IANS) Direct tax collection was up by 14.8 per cent to Rs 1.42 lakh crore in the April-June period, the government said on Thursday.

“The provisional figures for direct tax collections up to June 2017 show that net collections are at Rs 1.42 lakh crore, which is 14.8 per cent higher than the net collections for the corresponding period of last year,” the Finance Ministry said in a statement.

The collection up to June 2017 indicates that 14.5 per cent of the annual budget target of direct taxes (Rs 9.8 lakh crore) had been achieved, it said.

Refunds amounting to Rs 55,520 crore had been issued during April-June 2017, which is 5.2 per cent lower than the refunds issued during the corresponding period of 2016-17.

“While the gross collection under Corporate Income Tax (CIT) grew at 4.8 per cent, the growth under Personal Income Tax (PIT) including Securities Transaction Tax (STT) is 12.9 per cent. However, after adjusting for refunds, the net growth in CIT collections is 22.4 per cent while that in PIT is 8.5 per cent,” the statement said.

An amount of Rs 58,783 crore has been received as Advance Tax up to June 30, a growth of 11.9 per cent over the Advance Tax payments of the corresponding period of last year, it said.

“The growth in Corporate Advance Tax is at 8.1 per cent and that in Personal Advance Tax is at 40.3 per cent,” it added.

–IANS

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