Net Direct Tax Collection Up Nearly 15 Per Cent To Rs 1.42 Lakh Crore

Provisional figures for direct tax collections up to June 2017 show net collection at Rs 1.42 lakh crore, which is 14.8 per cent higher than net collection for the corresponding period of last year.

A Central Board of Direct Taxes (CBDT) statement released yesterday (6 July) said the net direct tax collection represented 14.5 per cent of total budget estimates of direct taxes for fiscal 2017-18 (Rs. 9.8 lakh crore).

Corporate Income Tax (CIT) gross collections grew at 4.8 per cent while the growth under Personal Income Tax (PIT), including Securities Transaction Tax (STT), was 12.9 per cent.

However, after adjusting for refunds, the net growth in CIT collections was 22.4 per cent, while that of PIT was 8.5 per cent.

The CBDT informed that refunds amounting to Rs 55,520 crore have been issued between April and June 2017, which is 5.2 per cent lower than refunds issued during fiscal 2016-17 in the same period.

An amount of Rs 58,783 crore was received as advance tax up to 30 June, reflecting a growth of 11.9 per cent over advance tax payments for the corresponding period of last year.

The growth in Corporate Advance Tax was 8.1 per cent and that in Personal Advance Tax was 40.3 per cent.

Despite the rise in the figure this year, the CBDT has found revenue collection “not satisfactory”, reported PTI. In a directive, CBDT chairman Sushil Chandra asked his regional chiefs to take “all measures to increase revenue collection so that the position at the end of September quarter comes in line with the desired growth rate”.

With Inputs From ANI.