Direct Tax collections in the first four months of the ongoing financial year 2017-18 -- which means up to July, 2017 -- has shown substantial year-on-year growth, Ministry of Finance claimed.
Direct Tax Collections in the first 4 months of the Current Financial Year 2017-18 up to July, 2017 show a growth of 19.1%.- Ministry of Finance (@FinMinIndia) August 9, 2017
According the Ministry, Direct Tax collections up to July, 2017 continue to register steady growth too. The total amount received by the means of Direct Tax collections, after excluding refunds from them, stand at Rs.1.90 lakh crore the Ministry statement said. This net collections figure is 19.1 per cent higher than what was recorded for the same time period during the previous financial year.
Direct Tax (DT) collections upto July,2017 continue to register steady growth. DT collections,net of refunds,stand at Rs.1.90 lakh crore.- Ministry of Finance (@FinMinIndia) August 9, 2017
With this, the Direct Tax collection has already reached 19.5 per cent mark of the total Budget estimates of Direct Taxes for the current financial year 2017-18.
This Direct Tax Collection is 19.5% of the total Budget Estimates of Direct Taxes for the Current Financial Year 2017-18.- Ministry of Finance (@FinMinIndia) August 9, 2017
Corporate Income Tax (CIT) during this period rose at a rate of 7.2 per cent, whereas Personal Income Tax (PIT), including Securities Transaction Tax (STT), rose by 17.5 per cent.
Growth rate during this period for Corporate Income Tax (CIT) is 7.2% while that for Personal Income Tax (PIT) (including STT) is 17.5%.- Ministry of Finance (@FinMinIndia) August 9, 2017
After factoring in tax refunds, however, the net growth in Corporate Income Tax collections saw a growth of 23.2 per cent while Personal Income Tax collections increased by 15.7 per cent.
However, after adjusting for refunds, the net growth in Corporate Income Tax collections is 23.2% while that in PIT collections is 15.7%.- Ministry of Finance (@FinMinIndia) August 9, 2017
A decline in tax refunds has also been registered during the present financial year so far. Tax refunds to the tune of Rs. 61,920 crore have been issued between April, 2017 and July, 2017, which means there has been a decline of 5.1 per cent in refunds issued during the same period in fiscal year 2016-17.
ALSO READ: Building a Future, Together
Refunds of Rs. 61,920 crore have been issued during April, 2017 to July, 2017; 5.1% lower than refunds issued in same period in FY 2016-17.
- Ministry of Finance (@FinMinIndia) August 9, 2017
Earlier this week, the government released the numbers of tax returns filed, showing demonetisation of old Rs 500 and Rs 1,000 notes had given the substantial growth.
Number of tax returns filed soared to 2.83 crore as against 2.27 crore in the previous year. The growth of 24.7 per cent this year compared with 9.9 per cent in the year-ago period. Individual tax returns filed were up 25.3 per cent at 2.79 crore.
"This clearly shows that a substantial number of new tax payers have been brought into the tax net subsequent to demonetisation," the Central Board of Direct Taxes (CBDT) had said in a statement.
Direct tax collection in 2016-17, at Rs 8,49,818 crore, was 14.5 per cent higher than the previous year - highest growth since 2013-14.
with inputs from PTI