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Net income tax collection rises 14.8% to Rs1.42 trillion in first quarter

LiveMint logoLiveMint 06-07-2017 PTI

New Delhi: Net direct tax collection grew by 14.8% to Rs1.42 trillion at the end of first quarter on account of surge in advance tax payments.

During April-June, the revenue department also issued refunds to the tune of Rs55,520 crore. This was, however, 5.2% lower than the refunds issued during the corresponding period last fiscal.

The net direct tax collection represents 14.5% of the total Budget Estimates of direct taxes (Rs9.8 lakh crore) for 2017-18, the finance ministry said in a statement.

While gross collections under Corporate Income Tax (CIT) grew at 4.8%, that from Personal Income Tax (PIT), including Securities Transaction Tax (STT), rose by 12.9%.

“However, after adjusting for refunds, the net growth in CIT collections is 22.4% while that in PIT is 8.5%,” it added.

Giving further details, the ministry said that an amount of Rs58,783 crore has been received as advance tax up to 30 June 2017, reflecting a growth of 11.9% year-on-year. The growth in corporate advance tax is at 8.1% and that in personal advance tax is at 40.3%.

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