NEWS HOUR 9th Oct– 15th Oct 2018
Weekly News Magazine
DIRECT TAX COLLECTIONS SURGE IN H1
FY18 Report by - Rajesh Khanna
Net direct tax collections for April-September rose to Rs3.86 lakh crore which is 15.8% higher than the first half-yearly period of the previous financial year. Central Board of Direct Taxes (CBDT) on Wednesday stated that the recorded volume is about two-fifths of the targeted direct tax collection for the entire year which has been set at Rs9.8 trillion. Advance tax collections grew at a rate of 11.5% and stood at Rs1.77 trillion and growth in CIT Advance Tax, and PIT Advance Tax were 8.1% and 30.1% respectively. Gross direct tax collections stood at Rs4.66 trillion, and claims amounting to Rs79,660 crore have been issued in the same period. The Finance Ministry stated that the net corporate income tax grew 18.1% from the corresponding period of previous year and gross collections grew at a rate of 5% year-on-year. Personal Income tax rose to the tune of 16% in the first half-yearly period, and after adjusting for refunds, the net increase in personal income tax collections hold at 16.5% With GST in practice, it had become relatively difficult to evade the tax system as both retailers and wholesalers are needed to record and file their accounts diligently. The increase in tax collection is further expected to grow in the future with the government planning to implement various stringent laws to minimize tax circumvention.
Source : Web
Advance tax collections grew at a rate of 11.5% and stood at INR 1.77 trillion.
In This Issue •
Direct tax collections surge in H1 FY18
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Bharti Airtel announces acquisition of Tata’s Consumer Mobile Business
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GST Relief and Tax Cuts
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KYC made mandatory for e-wallets
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Richard Thaler bags Nobel Prize for Economics