New Delhi: Net direct tax collection in India grew 16.12 per cent to over Rs 9.95 trillion so far this fiscal. This includes personal and corporate income tax receipts collected as the first and second installments. The second of the four installments to be paid in a year, was due on 15 September. Data released by the Central Board of Direct Taxes (CBDT) showed this.
The net personal income tax (PIT) collection grew 19 per cent to Rs 5.15 trillion between April 1 and September 17. Corporate tax collection went up 10.55 per cent to over Rs 4.52 trillion. Revenues from Securities Transaction Tax (STT) stood at Rs 26,154 crore.
Refunds worth over Rs 2.05 trillion were issued, a 56.49 per cent jump over the same period last fiscal. After taking into account refunds, net collection from PIT and corporate taxes stood at Rs 9,95,766 crore so far this fiscal, a growth of 16.12 per cent over the year-ago period.
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Advance tax collection grew 22.61 per cent to Rs 4.36 trillion. The growth in PIT advance tax mop up was 39.22 per cent while for corporate tax, it was 18.17 per cent. Gross direct tax collection stood at Rs 12.01 trillion, a growth of 21.48 per cent so far this fiscal.
The government is aiming to collect Rs 22 trillion in direct taxes in this financial year, according to Union budget documents. Of this, Rs 11.87 trillion is expected to be from personal income tax.
Direct taxes are collected from individuals and companies by the supreme tax body in the country. Direct taxes are directly paid by the tax payers. Direct taxes include personal income tax (PIT) and corporate income tax (CIT), besides taxes such as securities transaction tax (STT). Indirect tax is not paid directly by a person to the government. The net direct tax collection means the gross tax collection minus the refund.
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