The government’s revenue collection during April-June of current fiscal year has shown a good growth. The net direct tax collection for the first quarter (April-June) 2017-18 stood at Rs 1.42 lakh crore, registering a growth of 14.8% higher than the net collections for the corresponding period of last year, on the back of surge in advance tax payments. According to the Ministry of Finance, the net direct tax collection represents 14.5% of the total Budget estimates of direct taxes of Rs 9.8 lakh crore for FY18.
The gross collection under corporate income tax (CIT) grew at 4.8%, while under personal income tax (PIT) including Securities Transaction Tax (STT) it was 12.9% over the corresponding period last fiscal. However, after adjusting for refunds, the net growth in CIT collections is 22.4%, while that in PIT collections is 8.5%. Refunds amounting to Rs 55,520 crore have been issued during April to June, 2017, which is 5.2% lower than the refunds issued during corresponding period of FY17.
Besides, an amount of Rs 58,783 crore has been received as advance tax up to June 30, 2017, reflecting a growth of 11.9% over the advance tax payments of the corresponding period of last year. Also, the growth in corporate advance tax was at 8.1% and that in personal advance tax was at 40.3%.