High base effect and refunds have brought down the net direct tax collection growth to 3.65% to Rs 59,465 crore during the first quarter of the current financial year as against the direct tax collection which comprises of corporate and personal income tax, stood at Rs 57,373 crore during the April-June period the previous year.
Therefore, tax payers received Rs 17,600 crore, representing 52.01% growth over Rs 11,578 crore given in the first three months of the previous financial year.
Additionally, lower growth in net tax collection was primarily due to the higher tax refund outgo, hence, corporate tax collected during the period was also 3.31% higher at Rs 35,709 crore as compared to Rs 34,566 crore against the corresponding period last year.
However, in the personal income tax division, which includes Fringe Benefit Tax (FBT) and Securities Transaction Tax, the government collected Rs 24,564 crore, higher by 4.38% compared to last year.
The FBT collections recorded a negative growth of 7.56%. Hence, the Finance Minister proposed to abolish the tax.
Additionally, STT mop up fell 9.9% to Rs 1,462 crore in the first quarter of this financial year depicting decrease in trade at the bourses while, the net tax collection during the month of June was up marginally at Rs 35,307 crore compared to the last fiscal.
In the meantime, the government''s tax collections by way of Tax Deduction at Source recorded a growth of 12.1% in corporate TDS at Rs 19,584 crore while personal income tax TDS growth was 12.4% during the first quarter at Rs 21,188 crore as compared to last year.
The direct tax collections of the government are likely to grow by 9.2% at Rs 3, 69,575 crore during the current fiscal against Rs 3, 38,212 crore collected last fiscal.
Therefore, tax payers received Rs 17,600 crore, representing 52.01% growth over Rs 11,578 crore given in the first three months of the previous financial year.
Additionally, lower growth in net tax collection was primarily due to the higher tax refund outgo, hence, corporate tax collected during the period was also 3.31% higher at Rs 35,709 crore as compared to Rs 34,566 crore against the corresponding period last year.
However, in the personal income tax division, which includes Fringe Benefit Tax (FBT) and Securities Transaction Tax, the government collected Rs 24,564 crore, higher by 4.38% compared to last year.
The FBT collections recorded a negative growth of 7.56%. Hence, the Finance Minister proposed to abolish the tax.
Additionally, STT mop up fell 9.9% to Rs 1,462 crore in the first quarter of this financial year depicting decrease in trade at the bourses while, the net tax collection during the month of June was up marginally at Rs 35,307 crore compared to the last fiscal.
In the meantime, the government''s tax collections by way of Tax Deduction at Source recorded a growth of 12.1% in corporate TDS at Rs 19,584 crore while personal income tax TDS growth was 12.4% during the first quarter at Rs 21,188 crore as compared to last year.
The direct tax collections of the government are likely to grow by 9.2% at Rs 3, 69,575 crore during the current fiscal against Rs 3, 38,212 crore collected last fiscal.
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