Fri. Mar 29th, 2024
Budget

The finance ministry has today unveiled that the rate of direct tax collection has increased by around 16% in the first two quarters of the ongoing financial year. The total amount of direct tax collected in the said period totals to INR 3.86 lakh crores. The figure is a result of a healthy increase in the number of people paying advance tax in the last few months.

The government has estimated ₹9.8 lakh to be collected as direct taxes this year. The amount collected until the end of second quarter accounts for 39.4% of the estimation. Out of the total amount collected by the government, ₹1.77 lakh crores came as advance tax collection, showing an increase of 11.5% in the amount as compared to the figures of a year-ago period.

Personal Income Advanced Tax saw a growth of 30.1% and the Corporate Income Advanced Tax saw an increase of 8.1%, a release from the finance ministry stated.

The ministry has also revealed that in the period of April – September 2017, the government issued refunds worth 79,660 crores. The total amount collected in the taxes mentioned above is after deducting the refunds. Which means that the government has collected a total of ₹4.66 lakh crores in the said period, registering a growth of 10.3%

By Prithviraj Singh Chauhan

Part time journalist, full-time observer. Editor-in-Chief at The Indian Wire. I cover updates related to business and startups.