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regular-article-logo Monday, 15 July 2024

Direct tax mop-up rises

Advance tax collections for the first quarter this fiscal stand at over Rs 1.01 lakh crore

Our Special Correspondent New Delhi Published 18.06.22, 02:37 AM
The net direct tax collection of over Rs 3.39 lakh crore comprises corporation tax at over Rs 1.70 lakh crore and personal income tax, including security transaction tax (STT) at over Rs 1.67 lakh crore.

The net direct tax collection of over Rs 3.39 lakh crore comprises corporation tax at over Rs 1.70 lakh crore and personal income tax, including security transaction tax (STT) at over Rs 1.67 lakh crore. Representational picture

Net direct tax collections till mid-June in this fiscal increased 45 per cent to over Rs 3.39 lakh crore, buoyed by a decent advance tax mop-up, the income tax department said on Friday.

The net direct tax collection of over Rs 3.39 lakh crore comprises corporation tax at over Rs 1.70 lakh crore and personal income tax, including security transaction tax (STT) at over Rs 1.67 lakh crore.

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Dharmakirti Joshi, chief economist, Crisil, said: “The economy appears to have done quite well in April and May and also into the half of June. The tax collections reflect that and also the fact that the nominal growth is higher due to inflation.”

The advance tax collections for the first quarter this fiscal stand at over Rs 1.01 lakh crore against Rs 75,783 crore in the corresponding period last fiscal, a growth of more than 33 per cent.

Corporate income tax collections stood at Rs 78,842 crore and personal income tax at Rs 22,175 crore.

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