Direct tax mop-up jumps 24% to Rs 1.59 lakh crore in Apr-Jul
Direct tax collection registered a growth of 24.01 per cent to Rs 1.59 lakh crore during the April-July period of the current financial year.
New Delhi: Direct tax collection registered a growth of 24.01 per cent to Rs 1.59 lakh crore during the April-July period of the current financial year.
The collection up to July indicates that 18.82 per cent of the Annual Budget target of direct taxes has been achieved in the first four months of the fiscal, the Finance Ministry said in a statement.
Refunds totalling Rs 64,181 crore have been issued by the IT department during April-July, an increase of 10.43 per cent over the corresponding period last year, it added.
Personal income tax collection grew 31.4 per cent while corporate taxes registered an increase of 11.65 per cent.
After accounting for refunds, the net growth in personal income tax is 46.55 per cent and for corporate tax it is 2.84 per cent.
For personal income tax, refund during April-June 2015-16 were much higher than in the corresponding period of the current fiscal.