India’s direct tax collections jumps 20% to ₹18.9 trillion
NEW DELHI : India’s direct tax collections, after adjusting for refunds, has jumped nearly 20% to ₹18.9 trillion this financial year until 17 March, the Central Board of Direct Taxes (CBDT) said in a statement on Tuesday. Net direct tax receipts, which includes four instalments of advance tax payment, accounts for 86% of the full-year target of ₹21.98 trillion.
In the comparable period during the previous financial year, the tax authority had collected ₹15.76 trillion. Prior to the due date for remitting the fourth instalment of advance tax on 15 March, the direct tax authority had ran an e-campaign targeting those who had entered into significant financial transactions but not paid commensurate taxes.
The Union government has collected ₹9.14 trillion as tax on corporate income and ₹9.72 trillion as tax on personal income after adjusting for refunds so far this financial year, as per the provisional figures. The tax authority issued ₹3.36 trillion of tax refunds this fiscal year till Sunday, which is a 12.7% improvement over the refunds issued during the same period a year ago.
Last year, the tax authority had issued ₹2.98 trillion of refunds in the same period. Gross direct tax receipts before adjusting for refunds so far this financial year stood at ₹22.27 trillion, showing an improvement of 18.74% over the gross collection from corporate and personal income tax in the same period a year ago.Milestone Alert!
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