Indirect tax up 27% in Apr-Aug; direct tax 15%
PrintListen to this Article
The total direct and indirect tax collections at the end of August stood at Rs 5.25 lakh crore, about a third of the Rs 16.26 lakh crore target for 2016-17.
The government is eyeing 12.64 per cent growth from direct tax to Rs 8.47 lakh crore in the current fiscal, and 10.8 per cent growth to Rs 7.79 lakh crore from indirect tax.
Led by robust collections in personal income tax and excise duty, direct tax mop up touched Rs 1.89 lakh crore and indirect tax revenue stood at Rs 3.36 lakh crore during the April-August period.
Direct tax revenue includes corporate and personal income tax. Indirect tax takes into account mop up from excise, service tax and customs duty.
The gross collection of Corporate Income Tax (CIT) grew at 11.55 per cent, while that under personal income tax (PIT) it was 24.06 per cent over the corresponding period last fiscal.
After adjusting for refunds, however, the net growth in CIT collections is (-)1.89 per cent while that in PIT collections is 31.76 per cent.
Excise duty collections grew 48.8 per cent in the April- August period to Rs 1.53 lakh crore, while Service Tax recorded an increase of 23.2 per cent at Rs 92,696 crore.
Customs mop-up during the five month period was at Rs 90,448 crore, registering a growth of 5.7 per cent. #casansaar (PTI)
Category : General | Comments : 0 | Hits : 388
Retirement fund body EPFO has said it will no longer use Aadhaar as a valid document for proof of date of birth. In an official circular on January 16, the Employees' Provident Fund Organisation (EPFO) said the decision to remove Aadhaar was taken following a directive from the Unique Identification Authority of India (UIDAI). As per the circular, Aadhaar is also being removed from the list of documents for correction in date of birth.
A five-day-long Special Parliament Session will be held from Monday. A Parliamentary Bulletin said, that on the first day a discussion on the Parliamentary Journey of 75 years starting from Samvidhan Sabha - Achievements, Experiences, Memories, and Learnings will be held in Lok Sabha. The Government has listed Bill on the appointment of the Chief Election Commissioner, and other election commissioners in the upcoming Parliament Session. Apart from this The Advocates (Amendment) Bill, Th...
Artificial intelligence can substitute neither the human intelligence nor the humane element in the adjudicatory process, the Delhi high court has held and said ChatGPT can't be the basis of adjudication of legal or factual issues in a court of law. Justice Prathiba M Singh stated that the accuracy and reliability of AI generated data is still in the grey area and at best, such a tool can be utilised for a preliminary understanding or for preliminary research. The court's observati...
Domain + Website + Hosting + 2 email ids @ Just Rs.3100/- with 30 days Money Back Guarantee. CASANSAAR offers a Golden opportunity for Professionals, where they could create their own stunning website with multiple designs and templates to choose. It will be completely your own space, which is going to be a Dynamic Website and could be edited as per your wish. Now Get 2 Email ID's with Your Own Websi...
The Delhi High Court Monday sought the Centre’s stand in a plea against a notification where chartered accountants, company secretaries and cost accountants have been included among “reporting entities” under the Prevention of Money Laundering Act (PMLA) A division bench of Chief Justice Satish Chandra Sharma and Justice Sanjeev Narula granted time to Additional Solicitor General Chetan Sharma, who appeared for the Centre, to “seek instructions” and listed the ma...
Comments