April-July direct tax receipts rise 3.27%
Date : Aug-11-2009 11:57
The net direct tax collections have reported a marginal growth of 3.27 per cent during the first four months (April-July) of the current fiscal on account of higher tax refunds.
The direct tax collections for the April-July period stood at Rs 73,990 crore as against Rs 71,648 crore reported in the same period last fiscal, according to a finance ministry release. However, the total tax refund outgo of the income tax department for this period grew by 53.36 per cent at Rs 20,768 crore as compared to Rs 13,542 in the corresponding period last year.
The net collections are gross receipts less refunds. The high refunds are on the back of initiatives by the revenue department of faster processing of returns on the new national computer network.
Meanwhile, the corporate taxes witnessed a growth of 2.61 per cent at Rs 42,685 crore as against Rs 41,598 crore in the same period last year. The personal income tax, which includes the fringe benefit tax as well as securities transaction tax and residual banking cash transaction tax, shot up by 4.33 per cent to Rs 31,279 crore as compared to Rs 29,982 crore last fiscal. Moreover, on a monthly basis, the net tax collections inched up marginally by 1.75 per cent for the month of July 2009 at Rs 14,525 crore as against Rs 14,275 crore in the year-ago month.
Date : Aug-11-2009 11:57
The net direct tax collections have reported a marginal growth of 3.27 per cent during the first four months (April-July) of the current fiscal on account of higher tax refunds.
The direct tax collections for the April-July period stood at Rs 73,990 crore as against Rs 71,648 crore reported in the same period last fiscal, according to a finance ministry release. However, the total tax refund outgo of the income tax department for this period grew by 53.36 per cent at Rs 20,768 crore as compared to Rs 13,542 in the corresponding period last year.
The net collections are gross receipts less refunds. The high refunds are on the back of initiatives by the revenue department of faster processing of returns on the new national computer network.
Meanwhile, the corporate taxes witnessed a growth of 2.61 per cent at Rs 42,685 crore as against Rs 41,598 crore in the same period last year. The personal income tax, which includes the fringe benefit tax as well as securities transaction tax and residual banking cash transaction tax, shot up by 4.33 per cent to Rs 31,279 crore as compared to Rs 29,982 crore last fiscal. Moreover, on a monthly basis, the net tax collections inched up marginally by 1.75 per cent for the month of July 2009 at Rs 14,525 crore as against Rs 14,275 crore in the year-ago month.
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