Pre-GST tax collection increased 14.8% to Rs 1.42 lakh crore in June
The Dollar Business Bureau
The direct tax collections increased 14.8% in June this year compared to the same month last year, according to the provisional figures released by the Ministry of Finance on Thursday.
“The provisional figures for Direct Tax collections up to June, 2017 show that net collections are at Rs.1.42 lakh crore which is 14.8% higher than the net collections for the corresponding period of last year,” said an official statement.
The net direct tax collections indicates 14.5% of the overall Budget estimates of direct taxes of Rs.9.8 lakh crore for the fiscal of 2017-18, it said.
The gross collections under corporate income tax (CIT) increased 4.8%, whereas those under personal income tax (PIT) including the securities transaction tax (STT) grew at 12.9, according to the statement.
However, the net increase in collections under CIT after adjusting refunds, is 22.4% whereas the net increase in collections under PIT is 8.5%.
During the period April-June 2017, refunds worth Rs.55,520 crore have been issued by the tax department, which were lower by 5.2% compared to the refunds issued during the same period in the fiscal of 2016-17.
Up to June 30 this year, the government has collected an advance tax of Rs.58,783 crore, indicating a growth of 11.95 against the advance tax payments in the corresponding period last year.
Corporate advance tax recorded a strong growth of 8.1%, while the personal advance tax witnessed a growth of 40.3%.
With regard to indirect taxes, the collections jumped to Rs.3.83 lakh crore during the fiscal of 2016-17, recording a growth of 33.9%. Service tax mop up grew 20.2% to Rs.2.54 lakh crore, whereas customs collections rose 7.4% to Rs.2.26 lakh crore.