New Delhi (IANS) - Direct tax collection rose 14.8% to Rs 1.42 lakh crore in the April-June period, the government said. The collection up to June 2017 indicates that 14.5% of the annual budget target of direct taxes (Rs 9.8 lakh crore) has been achieved, it said.
Refunds amounting to Rs 55,520 crore had been issued during April-June 2017, which is 5.2% lower than the refunds issued during the corresponding period of 2016-17. "While the gross collection under Corporate Income Tax (CIT) grew at 4.8%, the growth under Personal Income Tax (PIT) including Securities Transaction Tax (STT) is 12.9%. However, after adjusting for refunds, the net growth in CIT collections is 22.4% while that in PIT is 8.5%," the statement said.
An amount of Rs 58,783 crore has been received as Advance Tax up to June 30, a growth of 11.9% over the Advance Tax payments of the corresponding period of last year, it said.
"The growth in Corporate Advance Tax is at 8.1% and that in Personal Advance Tax is at 40.3%," it added.