Demonetisation effect: Direct tax mop-up grows 15% to Rs 1.42 lakh cr in Q1

Overall advance taxes, both personal and corporate, grew by 11.9% to Rs 58,783 crore

Advance tax paid by individuals recorded 40 per cent growth in the first quarter (April-June) of the current financial year.

This could be an impact of the demonetisation of high-value currencies, with more non-corporate entities recording higher incomes. 

Overall direct tax collection after refunds expanded by 14.8 per cent to Rs 1.42 lakh crore over the corresponding period in 2016. 

“The government has benefited from demonetisation, as people have started reporting higher income,” Sushil Chandra, chairman of the Central Board of Direct Taxes, told Business Standard. 

Overall advance taxes, both personal and corporate, grew by 11.9 per cent to Rs 58,783