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Demonetisation impact: Direct tax collection up 19% at Rs 1.9 lakh cr

As much as Rs 61,920 crore of tax refunds have been issued during April-July

Press Trust of India  |  New Delhi 

Demonetisation effect: Advance tax collections up 42%, returns filed up 25%
Number of tax returns filed soared to 2.83 crore as against 2.27 crore in the previous year

Direct tax collections jumped 19 per cent in the first four months of the current financial year as of higher denomination currency brought in the number of individuals in the tax net.

Collections of direct taxes, which are made up of personal and corporate taxes, soared to Rs 1.90 lakh crore in April-July, an official statement said here.


The collection, net of refunds, was 19.5 per cent of the total Budget Estimate of for 2017-18.

Corporate grew 7.2 per cent in gross terms and personal by 17.5 per cent.
Direct Tax Collections
"However, after adjusting for refunds, the net growth in corporate collections is 23.2 per cent while that in personal collections is 15.7 per cent," the statement said.

As much as Rs 61,920 crore of tax refunds have been issued during April-July, 5.1 per cent lower than issued in the same period of 2016-17.

Earlier this week, the released the numbers of filed, showing of old Rs 500 and Rs 1,000 notes had given the substantial growth.

The number of filed soared to 2.83 crore as against 2.27 crore in the previous year. The growth of 24.7 per cent this year compared with 9.9 per cent in the year-ago period. Individual filed were up 25.3 per cent at 2.79 crore.

"This clearly shows that a substantial number of new have been brought into the tax net subsequent to demonetisation," the Central Board of (CBDT) had said in a statement.

in 2016-17, at Rs 8,49,818 crore, was 14.5 per cent higher than the previous year - highest growth since 2013-14.

First Published: Wed, August 09 2017. 20:09 IST
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