Business

Income Tax Collection Rises 14.8 Percent In First Quarter

न्यूज़ वर्ल्ड इंडिया | 0
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| July 7 , 2017 , 15:39 IST

At the end of the first quarter, net direct tax collection increased by 14.8 percent to Rs 1.42 lakh crore due to a surge in advance tax payments. The refunds issued by the revenue department also decreased by 5.2 percent in the April-June with a total of Rs 55,520 crore being returned, as compared to the refunds issued in the corresponding time period in the last physical.

A finance ministry statement said that the net direct tax collection represents 14.5 per cent of the total Budget Estimates of direct taxes (Rs 9.8 lakh crore) for 2017-18.

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While gross collections under Corporate Income Tax (CIT) grew at 4.8 per cent, that from Personal Income Tax (PIT), including Securities Transaction Tax (STT), rose by 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.

Giving further details, the ministry said that an amount of Rs 58,783 crore has been received as advance tax up to June 30, 2017, 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.