April-September income tax revenue up 15.8% at Rs 3.86 lakh cr

April-September income tax revenue up 15.8% at Rs 3.86 lakh cr”

Finance Minister Arun Jaitley along with Prime Minister Narendra Modi have been harping on the need to increase tax collections by reducing defaulters.

Net Direct Tax collections represent 39.4 percent of the total budget estimates of direct taxes for F.Y. Latest data estimated collections at Rs 3.86 lakh crore in first half of the financial year, net of refunds, compared to corresponding period last year. The gross direct tax collection for the April-September period at Rs 4.66 lakh crore was up 10.3% on-year, the government data showed. Refunds worth Rs 79,660 crore were given out during April-September and this amount was deducted from the gross collections to arrive at the net direct tax collections.

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.

"It is relatively hard to evade the tax system with GST being introduced".

India's fiscal first half direct tax collections surged 15.8% on-year to Rs 3.86 lakh crore, the government said on Wednesday, rekindling hope that the economy might be headed for a rebound after the twin effects of demonetisation and GST.

In a welcome development for the government, the country's direct tax collections have witnessed a major growth of 15.8 percent. "However, the increase in tax collections need more time to be evaluated in detail", said D.K. Shrivastav, chief policy advisor, EY, a consultancy.

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