Search Result for : Direct Taxes

The Dollar Business Bureau The direct tax collections has surged by 18.2% to Rs.6.56 lakh crore during April to December period of current financial year as compared to the same period a year ago. Direct taxes comprises of income tax, wealth tax and corporation tax paid by companies. “The provisional figures of Direct Tax collections up to December, 2017 show that net collections are at Rs.6.56 lakh crore which is 18.2 per cent higher than the net collections for the corresponding period of last year,” Finance Ministry said in a statement on Tuesday. “The net direct tax collections represent 67% of the overall budget estimates of direct taxes of Rs.9.8 lakh crore for the financial year 2017-18,” it said. The gross collections shown an increase ...

The Dollar Business Bureau Direct tax collection was increased by 15.2% to Rs.4.39 lakh crore in the seven-month period of the current fiscal, the Government said on Tuesday. “The provisional figures of direct tax collections up to October, 2017 show that net collections are at Rs.4.39 lakh crore which is 15.2% higher than the net collections for the corresponding period of last year,” Ministry of Finance said in a statement. The net direct tax collections upto October this year represent 44.8% of the overall annual budget estimates of direct taxes of Rs. 9.8 lakh crore, it added. During April-October, gross collections (before adjusting for refunds) have recorded a growth of 10.7% to Rs.5.28 lakh crore.  Refunds amounting to Rs.89,507 crore have been issued during April to October, 2017, the statement said.

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, ...

By Abin Daya This is the time of the year we close our books, reflect on what has happened over the past 12 months, and make plans for the next year. Same is the case with the government. This week, we bring you a snapshot of public finances, especially the twin deficits, as of Feb 2017, and how we expect the year to end. While both deficit figures have breached the budgeted numbers as of Feb, there is a chance that strong revenue growth in March could help pull them back to below the threshold. Will need to wait for formal data to come from Ministry of Finance to see if that happens. Continuing with an update on last week’s story about Methyl ...

PTI Government's revenue collection from indirect tax grew by an impressive 23.9% during the April-January period, while that from direct tax rose by 10.79%. Total direct and indirect tax collections at the end of January stood at Rs.12.85 lakh crore, 76% of the Rs.16.99 lakh crore target, as per revised estimate for 2016-17. Belying fears of slowdown due to demonetisation, indirect tax collection grew at a decent 16.9% in January buoyed mainly by excise, reflecting an uptick in manufacturing. At the end of January, the total direct tax collection stood at Rs.5.82 lakh crore and indirect tax-mop up was Rs.7.03 lakh crore led by robust collections in personal income tax and excise duty, respectively. Direct tax revenue includes corporate and personal income tax. Indirect tax ...

The Dollar Business Bureau The Direct tax and Indirect tax collection figures for the period between April 2016 to December 2016 have shown a positive trend as the former grew by 12.01% while the latter showed an increase of 25% over the corresponding period last year i.e. April-December 2015.  As per figures for Direct Tax collections up to December 2016, the net collections stood at Rs. 5.53 lakh crore which is 12.01% more than the net collections for the corresponding of the previous year. This collection is 65.3% of the total budget estimates of direct taxes for financial year 2016-17.  Speaking about the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under ...

The Dollar Business Bureau The net revenue collection of Government of India saw indirect tax-mop up at an impressive growth rate of 26.2% in April-November period while the direct tax collections came in at 15.12%. Overall indirect and direct tax collections up to November 2016 stood at Rs.9.64 lakh crore, achieving 59% of the target of Rs.16.26 lakh crore set for the fiscal 2016-17. The government is expecting 12.64% growth in collections of direct tax at Rs.8.47 lakh crore for the current financial year and 10.8% increase in the indirect tax collections at Rs.7.79 lakh crore. Indirect tax revenue stood at Rs.5.52 lakh crore and direct tax collections reached Rs.4.12 lakh crore, during April-November period, led by robust collections in excise duty and personal ...

The Dollar Business Bureau The Ministry of Finance has brought out a press release detailing the Direct and Indirect tax collections upto November, 2016. These figures denote the pre-demonetisation collections. The release says the figures for Direct Tax Collections are Rs.4.12 lakh crore up to last month of this year, which is an increase of 15.12% compared to the corresponding period last year. “Till November, 2016, 48.67% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved,” said an official release on Friday. In terms of gross collections of revenue, Corporate Income Tax (CIT) grew 11.22% while Personal Income Tax (PIT) recorded a growth rate of 22.41%, it said. However, after refunds adjustment, CIT’s net growth in collections is about 8.75% whereas collections under PIT have ...