Net tax collection increased marginally by 3.27% in April-June quarter
Net tax collection in the country increased marginally by 3.27 percent during April-July period, largely led by high tax refunds. Direct tax collection stood at Rs 73,990 crore as compared to Rs 71,648 crore in the corresponding period last year, as per figures released by the Union Finance Ministry.
Total tax refund outgo stood at Rs 20,768 crore, indicating an increase of 53.36 percent during the period. The decision of revenue department to install nationwide computer network, having a capacity to process up to 200000 returns every day, helped to increase refunds.
The country reported 2.61 percent increase in corporate tax collection that stood at Rs 42,685 crore, as compared to Rs 41,598 crore in the corresponding period last year. Personal income tax, including the fringe benefit tax, securities transaction tax and residual banking cash transaction tax, too surged 4.33 percent to Rs 31,279 crore during April-July period.
Net direct collections grew by 1.75%; while security transaction tax (STT) increased 3.55% to Rs 2,240 crore, against Rs 2,164 crore in the previous year.