Direct tax collections show growth of 18.2% up to Dec
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 ...
Direct tax collections show growth of 15.2% in Apr-Oct
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.
March ending: Lessons learnt, new plans by the Government
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 ...
Direct, indirect tax collected rises during April-Dec 2016
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 ...
Indirect tax collections exceed estimated target in FY 2014-15
The Dollar Business Bureau The Indirect Tax Collections for the financial year (FY) 2014-15 exceeded the Revised Estimates target of the year by Rs 4,000 crore. This was informed by the Ministry of Finance in an official release on Thursday. According the Ministry of Finance’s release, the total collections as on March 31, 2015, stands at Rs 5,46,479 crore based on the provisional report. The total collections on the last day of the FY2014-15 remained higher than that of the Revised Estimates target of Rs 5,42,325 crore for the FY 2014-15, added the release. Meanwhile, the provisional collections during the FY2014-15 has increased by 9.9%, which is against Rs 4,97,061 crore, the actual amount that was collected during the ...
