ALSO READCBDT proposes fair market value for taxing unquoted shares Govt extends ITR filing deadline to August 5 CBDT announces 19.1 percent growth in Direct Tax up to July CBDT accomplishes Direct Taxes collection target for FY 2016-17 Net income tax collection rises 14.8 pc to Rs 1.42 lk cr in Q1
Direct tax collection registered a steady growth of 19.1 per cent in the first four months of the current fiscal to Rs 1.90 lakh crore.
The collection for the April-July period is 19.5 per cent of the Rs 9.80 lakh crore target from this segment for the entire 2017-18.
"Direct tax collection during the said period, net of refunds, stands at Rs 1.90 lakh crore which is 19.1 per cent higher than the net collections for the corresponding period of last year," a finance ministry statement said.
In April-July of last fiscal, 2016-17, the direct tax collection had grown 24.01 per cent to Rs 1.59 lakh crore.
In gross terms, the growth rate for corporate income tax is 7.2 per cent, while that for personal income tax (including securities transaction tax) is 17.5 per cent for April-July period of the current fiscal.
Refunds amounting to Rs 61,920 crore have been issued during April-July, 2017 which are 5.1 per cent lower than the refunds issued during the corresponding period of 2016-17.
Number of tax returns 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 tax returns filed were up 25.3 per cent at 2.79 crore.
In 2016-17, the government collected over Rs 8.49 lakh crore in direct taxes, 14.5 per cent higher than the previous year. The growth rate was highest since 2013-14.
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