Corporate income tax increased by 7.2 per cent on gross terms and personal income tax by 17.5 per cent.
As demonetisation of higher denomination currency brought in more number of individuals in tax net, direct tax collections jumped 19 per cent in the first four months of the current fiscal.
In April-July period, collections of direct taxes (personal and corporate taxes) jumped to Rs 1.90 lakh crore. The collection was 19.5 per cent of the total Budget Estimate of direct taxes for 2017-18.
Moreover, corporate income tax increased by 7.2 per cent on gross terms and personal income tax by 17.5 per cent. However, after adjusting for refunds, the net growth in corporate income tax collections is 23.2 per cent while that in personal income tax collections is 15.7 per cent.
During the period of April and July, as much as Rs 61,920 crore of tax refunds have been issued, 5.1 per cent lower than issued in the same period of 2016-17.
Earlier 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.
Thursday, August 10, 2017