Sunday, July 12, 2020
Home News Reports Net direct tax collection upto December at 6.56 lakh crore, 18.2% higher than same...

Net direct tax collection upto December at 6.56 lakh crore, 18.2% higher than same period in previous year

Also Read

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

The collections of Direct Tax has seen a massive jump of 18.2% in the first nine months (April-December) of the current fiscal year. The government has released the latest results in a press release last week. The print release provided figures which show that the net collections are at a huge 6.56 lakh crores. This amount is higher by a significant 18.2% than the corresponding period last year.

The net Direct Tax collections also represent 67% of the total budget estimates of Direct Taxes for the financial year of 2017-18. The total estimate was Rs 9.8 lakh crores. The figures show the government is positive about meeting the estimate this year.

Gross collections also showed a good increase of 12.6% to 7.68 lakh crores during the April-December period. Net collections are calculated after the refunds have been issued. Refunds worth a total of 1.12 lakh crores have been issued in the said nine months.

The print release also stated that an amount of 3.18 lakh crores has been received as Advance Tax up to the month of December 2017. Positive improvements are seen here too as it reflects a growth of 12.7% over the Advance Tax collections of the corresponding period last year. Advance Tax in both corporate income Tax (CIT) and Personal Income Tax (PIT) has also shown a growth of 10.9% and 21.6% respectively.

Bloomberg Quint had reported that the net direct tax collection rise is in fact highest in last four years. The percentage growth itself has shown a constant year on year growth too, as per the report.

The Narendra Modi government has been pushing for larger inclusion of citizen under the taxpaying net. Big financial moves like the Demonetisation and GST has been helpful for the increase in tax collection and a larger participation of individuals as well as corporates and small businesses in the economic growth.

Though indirect tax collections under the Goods and Services Tax (GST) has shown a slight decline in the last months. The finance ministry has attributed it to several factors such as compliance and tax rate adjustments. GST council has brought down tax rates on as many as 200 goods by about 10% last November.

As the government pushes for more reforms and the economy shows positive growth, the tax collection is expected to rise further.

  Support Us  

Whether NDTV or 'The Wire', they never have to worry about funds. In name of saving democracy, they get money from various sources. We need your support to fight them. Please contribute whatever you can afford

OpIndia Staffhttps://www.opindia.com
Staff reporter at OpIndia

Trending now

Aakar Patel abuses Amitabh Bachchan and Sachin Tendulkar – reasons go beyond hatred for Modi

The 'Woke' secular-liberal camp of current times is defined by its elitist arrogance and crass snobbery. 'Human rights activist' Aakar Patel is one such specimen.

The Caravan’s ‘health journalist’ is upset that BMC sanitised the Bachchans’ residence after Amitabh and Abhishek test positive for coronavirus

Health journalist Vidya Krishnan shows ignorance of health protocol for Coronavirus, objects to sanitisation of COVID-19 patient

Sachin Pilot quitting Congress? Kapil Sibal ‘worried’ for Congress, tweets about ‘horses leaving stables’

Political crisis in Rajasthan seems have deepened as senior Congress leader Kapil Sibal took to Twitter to express his concern for the grand old party.

Jharkhand: Controversy erupts after LKG and UKG students made to memorise Pakistan and Bangladesh national anthem

Students of a school in Jharkhand asked to memorise Pakistan and Bangladesh anthem in WhatsApp class

After shielding China, WHO chief now congratulates Maharashtra for ‘containing’ coronavirus amid exponentially rising cases

WHO Director-General Tedros Adhanom Ghebreyesus has been under fire over allegations of covering up the pandemic while 'siding with' the Chinese govt.

Frustrated at not getting a bank job, teenager sets up his own fake SBI branch in Tamil Nadu, three arrested

The Panruti Police in Cuddalore district of Tamil Nadu have arrested three persons, including the son of former bank employees, for cheating customers by running a fake branch of the State Bank of India in the locality.

Recently Popular

The curious case of ‘Drone Boy’ who has made 600 drones using broken mixer grinders and televisions. A fact-check

While 'drone boy' Prathap NM has claimed to have made 600 drones using e-waste, not a single photo or video of them exist

‘Drone boy’ Prathap NM makes a statement after OpIndia fact-check: Here is why his explanation makes little sense

'Drone boy' Prathap NM says he won't show his drones due to intellectual property issues, but will show certificates from unregistered events

Stand-up comedian apologises for insulting memorial to Chhatrapati Shivaji Maharaj in Arabian sea after MNS workers vandalised studio

The stand-up 'comedian' Agrima Joshua had made scornfully derisive remarks in her video against the Chhatrapati Shivaji Maharaj memorial that is going to be erected in the Arabian Sea

Sachin Pilot reaches Delhi with 25 MLAs amid speculations of Rajasthan government collapse, Gehlot holds late night meetings

Ashok Gehlot claimed that the State government was stable and would continue to remain so despite all efforts to the contrary

‘Maaro, Kafiro ko Maaro’: From creating fake alibi to mobilising thousands of Muslims against Hindus, read what Tahir Hussain did in his own words

Disclosure Statement in the chargesheet which was narrated and signed by Tahir Hussain in his own words, reveal a sinister design during Delhi riots

Kerala Gold smuggling case accused arrested in Bengaluru, opposition parties accuse Pinarayi Vijayan govt of facilitating the escape

Two key accused in Kerala gold smuggling case Swapna Suresh and Sandeep Nair arrested from Bengaluru by NIA

Aakar Patel abuses Amitabh Bachchan and Sachin Tendulkar – reasons go beyond hatred for Modi

The 'Woke' secular-liberal camp of current times is defined by its elitist arrogance and crass snobbery. 'Human rights activist' Aakar Patel is one such specimen.

18 personnel at Raj Bhavan in Mumbai test positive for Coronavirus, Governor under self-isolation

Maharashtra governor Bhagat Singh Koshyari in self-isolation after,18 personnel at Raj Bhavan tested positive for Coronavirus

The Caravan’s ‘health journalist’ is upset that BMC sanitised the Bachchans’ residence after Amitabh and Abhishek test positive for coronavirus

Health journalist Vidya Krishnan shows ignorance of health protocol for Coronavirus, objects to sanitisation of COVID-19 patient

Sachin Pilot quitting Congress? Kapil Sibal ‘worried’ for Congress, tweets about ‘horses leaving stables’

Political crisis in Rajasthan seems have deepened as senior Congress leader Kapil Sibal took to Twitter to express his concern for the grand old party.

Mother, niece, and sister-in-law of actor Anupam Kher diagnosed with Coronavirus

Anupam Kher took to Twitter to inform that his mother Dulari has tested positive for the Wuhan Coronavirus

Jharkhand: Controversy erupts after LKG and UKG students made to memorise Pakistan and Bangladesh national anthem

Students of a school in Jharkhand asked to memorise Pakistan and Bangladesh anthem in WhatsApp class

After shielding China, WHO chief now congratulates Maharashtra for ‘containing’ coronavirus amid exponentially rising cases

WHO Director-General Tedros Adhanom Ghebreyesus has been under fire over allegations of covering up the pandemic while 'siding with' the Chinese govt.

Frustrated at not getting a bank job, teenager sets up his own fake SBI branch in Tamil Nadu, three arrested

The Panruti Police in Cuddalore district of Tamil Nadu have arrested three persons, including the son of former bank employees, for cheating customers by running a fake branch of the State Bank of India in the locality.

Sachin Pilot reaches Delhi with 25 MLAs amid speculations of Rajasthan government collapse, Gehlot holds late night meetings

Ashok Gehlot claimed that the State government was stable and would continue to remain so despite all efforts to the contrary

Connect with us

235,731FansLike
404,573FollowersFollow
273,000SubscribersSubscribe