Direct tax collections grow 15% till June 2017, at Rs 1.42 lakh crore

Direct tax collections grow 15% till June 2017, at Rs 1.42 lakh crore
Direct tax collections grow 15% till June 2017
By ZeeBiz WebTeam
Updated: Thu, Jul 06, 2017
05:29 pm
Mumbai, ZeeBiz WebDesk
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Key Highlights: 

  • Direct tax collections rose 14.8%, at Rs 1.42 lakh crore 

  • Personal income tax rose 12.9% before refunds

  • Advance tax collections stood at Rs 58,783 crore

 

India's direct tax collections grew 14.8% in the three months of the current fiscal year ended June 30, 2017. 

Data released by Ministry of Finance, Government of India showed that direct tax collections stood at Rs 1.42 lakh crore. "Net direct tax collections represent 14.5% of the total Budget Estimates of direct taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore)," the Department of Revenue said in a statement. 

Corporate Income Tax rose 4.8% while personal income tax rose 12.9% in the given period, data show. 

The statement said, "After adjusting for refunds, the net growth in CIT collections is 22.4% while that in PIT is 8.5%. 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 corresponding period of F.Y. 2016-17."

Finance 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% over the Advance Tax payments of the corresponding period of last year.

"The growth in Corporate Advance Tax is at 8.1% and that in Personal Advance Tax is at 40.3%," it said.