Tuesday, 24 October 2017

Direct Tax Collections Record Over 40% Growth for the First Eight Months of the Fiscal

Direct tax collections continued to record a growth of over 40 percent for the first eight months of the current fiscal.

Direct tax collections continued to record a growth of over 40 percent for the first eight months of the current fiscal. Net tax collections stood at Rs.1,45,053 crore, up from Rs.1,00,135 crore during the same period last fiscal, registering a growth of 44.86 percent and achieving over 54 percent of budgeted direct tax target of Rs.2,67,490 crore. Corporate Tax registered a growth of 46.62 percent at Rs.86,526 crore, up from Rs.59,015 crore during the previous fiscal, while Personal Income Tax  grew by 42.48 percent at Rs.58,303 crore, up from Rs.40,920 crore. Growth in Securities Transaction Tax was 78.93 percent  and Fringe Benefit Tax  was 16.76 percent . Banking Cash Transaction Tax  grew by 14.34 percent .
Corporate tax growth was highest in the North-Eastern region at 255.64 percent, followed by Mumbai, Kerala, Eastern Uttar Pradesh and Bihar & Jharkhand  percent. Personal income tax growth was highest in Madhya Pradesh & Chhattisgarh region at 157.67 percent, followed by Gujarat , Andhra Pradesh , North Western region, i.e. Punjab, Haryana, Himachal Pradesh and Jammu & Kashmir  and Maharashtra .
Tax deduction / collection at source increased by over 50 percent, while self-assessment tax paid voluntarily before submission of earlier year’s tax return increased by over 73 percent, indicating continued improvement in tax administration and tax compliance levels.