New Delhi: Net direct tax collection grew by 14.8 percent to Rs 1.42 lakh crore at the end of first quarter on account of surge in advance tax payments.
During April-June, the revenue department also issued refunds to the tune of Rs 55,520 crore. This was, however, 5.2 percent lower than the refunds issued during the corresponding period last fiscal.
The net direct tax collection represents 14.5 percent of the total Budget estimates of direct taxes (Rs 9.8 lakh crore) for 2017-18, the finance ministry said in a statement.
While gross collections under Corporate Income Tax (CIT) grew at 4.8 percent, that from Personal Income Tax (PIT), including Securities Transaction Tax (STT), rose by 12.9 percent.
"However, after adjusting for refunds, the net growth in CIT collections is 22.4 percent while that in PIT is 8.5 percent," it added.
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 percent year-on-year.
The growth in corporate advance tax is at 8.1 percent and that in personal advance tax is at 40.3 percent.
Published Date: Jul 07, 2017 08:40 AM | Updated Date: Jul 07, 2017 08:50 AM