The government’s direct tax collections in the three months ended 30 June has jumped 14.8% to Rs1.42 trillion from last year, slower than the 16% growth projected for the current financial year by finance minister Arun Jaitley in his 2017-18 annual budget.
One highlight of the data released by the finance ministry on Thursday is a sharp 40% jump in advance taxes paid by individuals for the June quarter, based on self assessment of the total tax liability for the full year. The finance ministry said here that gross corporate tax receipts for the June quarter grew at a modest 4.8%, while net growth was an impressive 22.4%. In the case of personal income tax, gross collections jumped 12.9% while net receipts jumped 8.5%.
Tax refund of Rs55,520 crore was made during the June quarter of 2017, which is 5.2% lower than the refunds issued during the corresponding period of 2016-17, stated the ministry.
The government received Rs58,783 crore as advance tax up to 30 June, reflecting a growth of 11.9% over the same received in the corresponding period of 2016. While growth in corporate advance tax is at 8.1%, the same in personal advance tax is 40.3%, said the ministry. Jaitley has set a direct tax collection target of Rs9.8 trillion for 2017-18, up from Rs8.47 trillion collected in 2016-17.