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New Delhi, August 9: The Ministry of Finance on Wednesday stated that Direct Tax Collection in the first four months of this fiscal year registered steady growth of 19.1 per cent. According to the reports by the Ministry, Direct Tax collections and net of refunds stand at Rs.1.90 lakh crore.
The Finance Ministry said this Direct Tax Collection is 19.5 per cent of the total Budget estimates of Direct Taxes for the current financial year 2017-18. Apart from the DT Collection, growth rate during this period for Corporate Income Tax (CIT) is 7.2 per cent while that for Personal Income Tax (PIT) (including STT) is 17.5 per cent, the Ministry said.
According to the ministry, although CIT and PIT growth is 7.2 per cent and 17.5 per cent respectively, after adjusting for refunds, the net growth in Corporate Income Tax collections is 23.2 per cent while that in PIT collections is 15.7 per cent.
Growth rate during this period for Corporate Income Tax (CIT) is 7.2% while that for Personal Income Tax (PIT) (including STT) is 17.5%.
— Ministry of Finance (@FinMinIndia) August 9, 2017
The Ministry on Wednesday said that compared to the refunds issued during April 2016 to July 2016, 5.1 per cent lower refunds amounting to Rs 61, 920 crore have been issued in April-July 2017.
In other news, in July this year, the Central Board of Direct Taxes signed nine unilateral advance pricing agreements (APAs) with Indian taxpayers in an attempt to reduce litigation by providing certainty in transfer pricing.
These signed APAs pertain to diverse sectors like oil and gas exploration, education, banking, pharmaceutical, manufacturing and information technology. The number of unilateral APAs signed in the current financial year, following this signing, is 18 and the number of bilateral APAs is one, PTI reported.
On the other hand, the Finance Ministry on Monday said that owing to the demonetisation drive in November 2016, the number of income tax returns filed for the financial year 2016-17 has gone up by 24.7 per cent as against the previous year.
Union Finance Minister used micro-blogging site Twitter to announce this and said, “25% growth in the number of IT Returns filed in current fiscal Advance Tax (Personal ITax) collections up by 41%”
Jaitley said that the number of returns filed as on August 5 stood at 2,82,92,955 as against 2,26,97,843 filed during the corresponding period of financial year 2016-17, registering an increase of 24.7% compared to growth rate of 9.9% in the previous year.
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