Home / Knowledge / News / Robust growth in direct tax collections
Robust growth in direct tax collections
19
Jun '08
Net direct tax collections in the first two months of the present fiscal stood at Rs.22,840 crore, up from Rs.13,335 crore, registering a growth of 71.28 percent.

Growth in Corporate Taxes was 68.05 percent (Rs.8,126 crore as against Rs.4,835 crore), while Personal Income Tax (including FBT, STT and BCTT) grew at 73.05 percent (Rs.14,690 crore as against Rs.8,489 crore).

Tax deducted / collected at source continued to grow this fiscal at about 51 percent, i.e. the same level as in the last fiscal.

The robust growth in direct taxes has been achieved despite larger refund payouts at Rs.9,014 crore in the first two months of this fiscal as against Rs.5,037 crore during the first two months of last fiscal.

In spite of manpower shortage, refunds were issued to over 48 lakh taxpayers last fiscal (2007-08) compared to about 44.5 lakh refunds in the previous fiscal (2006-07).

It is the endeavour of the Income Tax department to provide better taxpayer services, particularly in the area of issuance of refunds.

Therefore, the criteria for issuance of refunds to taxpayers without verification of TDS instruments has been further relaxed to gross TDS claims of up to Rs.5 lakh and net refund claim of Rs.25,000 per taxpayer.

Under the relaxed criteria, about 92 percent of the refund claims for fiscal 2007-08 will be settled without asking the taxpayers to produce the TDS certificates / challans in cases of mismathch.

The first installment of advance tax for corporate taxpayers was due on 16th June (15th June being a Sunday). The trend of growth in advance tax will reflect in the tax collection figures for the month of June 2008.

Direct tax collections have been witnessing high growth due to better tax compliance by the taxpayers and an improved tax administration.

The cost of collection, on the other hand, declined to an all-time low of 0.54 percent during 2007-08, among the lowest in the world.

Press Information Bureau Government of India

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
March 2017

March 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search