New Delhi, July 7: The first provisional numbers for direct tax collection indicate a 14.8 per cent jump in June 2017 over the same period last year, which experts feel will only increase under the goods and services tax regime. The Central Board of Direct Taxes is bullish about the prospects of higher tax collection next month, reports The New Indian Express.
The provisional figures for direct tax collections, released by the government on Thursday, were up for June 2017 as the net collections were Rs 1.42 lakh crore, which is 14.8 per cent higher than the net collections for the corresponding period last year. Net direct tax collections represent 14.5 per cent of the total Budget estimates of direct taxes for 2017-18 (Rs 9.8 lakh crore).
According to a statement, the gross collection under corporate income tax (CIT) grew at 4.8 per cent, the growth under personal income tax (PIT) including securities transaction tax (STT) is 12.9 per cent. However, after adjusting for refunds, the net growth in CIT collections is 22.4 per cent while that in PIT is 8.5 per cent.
During April to June 2017, the tax department has issued refunds amounting to Rs 55,520 crore, which is 5.2 per cent lower than the refunds issued during the corresponding period of 2016-17.The government has received an advance tax of Rs 58,783 crore till June 30, 2017 - a growth of 11.9 per cent over the advance tax payments of the same period last year. Corporate advance tax showed a robust growth at 8.1 per cent and that in personal advance tax is at 40.3 per cent.