Direct tax collection increases 16% in April-September period

Direct tax collection increases 16% in April-September period

The newly introduced methods seem to be working in the intended direction.

The finance ministry has today unveiled that the rate of direct tax collection has increased by around 16% in the first two quarters of the ongoing financial year.

India's fiscal first half direct tax collections surged 15.8% on-year to Rs 3.86 lakh crore, the government said on Wednesday. The net direct tax collection in the first half of FY17 grew almost 9% at 3.27 lakh crore. Refunds worth Rs 79,660 crore were given out during April-September and this amount was deducted from the gross collections to arrive at the net direct tax collections. Out of the total amount collected by the government, ₹1.77 lakh crores came as advance tax collection, showing an increase of 11.5% in the amount as compared to the figures of a year-ago period.

"It is relatively hard to evade the tax system with GST being introduced". Experts said that the increased tax collections bode well for the country's economy, as it shows the rising income level of people and corporates.

The Finance ministry's release last month for the April-August period had stated that the net corporate income tax collections grew 18.1% from the same period last year and gross collections grew 5% year-on-year. The net direct tax collection in the first half of FY18 witnessed a jump of almost 7% as compared to the same period last fiscal.

Refunds amounting to Rs 74,089 crore were issued during April-August, 7.2% lower than the corresponding period last financial year.

Related News:

  • How Long Will These Cooler Temperatures Last?

    How Long Will These Cooler Temperatures Last?

    After Tuesday's front we've enjoyed some cooler temperatures and a break from the sunshine, in the form of added cloud coverage. Tuesday is beginning with mild temperatures, in the 60s and lower 70s - again, that's akin to a typical mid-summer morning.
    Proclamations against Hussain, Hasan Nawaz pasted in accountability court

    Proclamations against Hussain, Hasan Nawaz pasted in accountability court

    Hussain and Hassan had reportedly made a decision to not join the proceedings of the corruption references against them. In the notice, both the respondents have been directed to appear before the court within 30 days.
    Vistara Airline announced all-inclusive offers for 48 hours on Diwali festival

    Vistara Airline announced all-inclusive offers for 48 hours on Diwali festival

    GoAir Sale: Low-cost airline GoAir is offering discounts on flight tickets and the prices start at Rs 1,073. The travel period will begin from October 26, 2017 and end on March 24, 2018, Vistara issued a statement.
  • Apple teams up with LG Display for foldable iPhone

    Apple teams up with LG Display for foldable iPhone

    Sources say that panel production could start in 2020, meaning any sort of foldable iPhone could be launched the same year. It is so because LG has recently started manufacturing OLED panels at their E5 plant in Gumi, North Gyeongsang Province.
    Oculus Go: Standalone headset aims to get one billion people using VR

    Oculus Go: Standalone headset aims to get one billion people using VR

    In the future, we'll open up new possibilities for community and co-presence, letting you hang out, play, and explore with others. Virtual reality is new, exciting, and the limited content which is now available is still quite unbelievable to experience.
    Tillerson Expresses 'Profound Concern' About Turkey's Detention Of US Employees

    Tillerson Expresses 'Profound Concern' About Turkey's Detention Of US Employees

    Defense Secretary Jim Mattis said the dispute has not affected the U.S. military's relationship with Turkey's armed forces. He added that the arrest of an employee of the US Consulate General was carried out within the law.
  • Megyn Kelly's Show Takes Ratings Dive

    Megyn Kelly's Show Takes Ratings Dive

    Page Six reached out to an NBC representative who told the paper that things aren't as dire as they might seem. In the same week past year Al Roker , Billy Bush and Tamron Hall were hosting " Today's Take".
    I would 'love' Lionel Messi to join Manchester City - Sergio Aguero

    I would 'love' Lionel Messi to join Manchester City - Sergio Aguero

    As Messi's contract at Camp Nou expires next summer, the 30-year-old is free to hold discussions with clubs outside of Spain from January 1.

    BMW looks to Great Wall to expand Chinese production

    Stock fell 2.1% yesterday amid speculation BMW considering separate, domestic JV with Great Wall Motor. According to Reuters , the company's sales in China grew by 11.3 per cent previous year .
  • Apple reportedly working with LG on a foldable phone for 2020

    Apple reportedly working with LG on a foldable phone for 2020

    Apple accounts for about 1.3% of Moon Capital Management LLC's investment portfolio, making the stock its 21st biggest holding. Meanwhile reports out of Korea also state that LG Innotek is creating flexible circuit boards to go with these displays.
    After new autopsy discovery from police, Davido speaks on Tagbo's death

    After new autopsy discovery from police, Davido speaks on Tagbo's death

    Edgal also made it known that Davido had lied about knowing of Tagbo's passing when he was at DNA Night Club, Victoria Island. Tagbo Umeike, friend of Nigerian entertainer, Davido died from suffocation, the police in Lagos has said.
    N Korea says Trump has 'lit fuse of war'

    N Korea says Trump has 'lit fuse of war'

    It has twice tested intercontinental ballistic missiles, shot missiles directly over Japan and has conducted its sixth and largest nuclear weapon test.


Most liked

Samsung Galaxy J2 (2017) surfaces online
Another key area, in which the Xiaomi Redmi 4 gives the Samsung Galaxy J2 (2017) a run for its money, is the battery capacity. In terms of storage, the device comes with 8GB internal storage that can be further expanded up to 128GB via microSD card.

Anadarko Petroleum Corporation (APC) Shares Sold by Cornerstone Capital Management Holdings LLC
TheStreet upgraded shares of Anadarko Petroleum from a "d+" rating to a "c-" rating in a report on Friday, February 3rd. Perhaps, that suggests something about why 89.38% of the outstanding share supply is held by institutional investors.

WH Smith profit up; to start £50 mln share buyback
Trading profit at high street stores was flat at £62mln while total revenue fell 5% and like-for-like sales dropped 4%. He added the "economic environment remains uncertain", but said WH Smith is well-placed for the year ahead.

Princeton Portfolio Strategies Group LLC Purchases 6285 Shares of MetLife, Inc. (MET)
Stock analysts at Langen Mcalenn decreased their Q3 2017 earnings per share estimates for MetLife in a report released on Monday. Turning to Insmed Incorporated (NASDAQ:INSM), its shares were trading at $29.67 a retreat of $-0.95, on the trading floor.

Making stocks you should surely buy: Canadian National Railway Company (NYSE: CNI)
Levin now expects that the transportation company will earn $9.12 per share for the year, up from their prior forecast of $9.11. Short traders are more bearish on Canadian Pacific Railway Limite of late as evidenced by the motion in short interest.

Revenue Forecast of The Walt Disney Company (DIS)
More interesting news about Walt Disney Co (NYSE: DIS ) were released by: Fool.com and their article: "Is Walt Disney Co ". Martin Currie Ltd decreased Waste Mgmt Inc Del (NYSE:WM) stake by 31,500 shares to 156,300 valued at $11.47M in 2017Q2.

Diddy Looking to Buy the NFL or Start His Own Football League
An NFL team, on average, costs about $1 billion to purchase, with the Dallas Cowboys being the highest-valued at $4.2 billion. Of course, despite his zealousness for giving the league a makeover, Diddy would never be able to purchase the entire NFL.

JP Morgan Chase & Co (JPM) Shares Bought by Private Wealth Partners LLC
Analysts await JPMorgan Chase & Co. (NYSE:JPM) last announced its quarterly earnings data on Thursday, April 13th. Gradient Investments LLC raised its position in shares of J P Morgan Chase & Co by 9.1% in the second quarter.

Olivier Giroud could make Italy move next summer
Arsenal brought in £52m striker Alexandre Lacazette , meaning Giroud has been demoted to the bench for most of the season. Giroud was courted by Everton in the summer and recently admitted that he was "very close" to making the move.

Grab the wellies: Hurricane Ophelia is due to hit Ireland on Monday
Ophelia was moving to the northeast at 3 miles per hour with maximum sustained winds of 85 miles per hour with higher gusts. At the moment the track is very uncertain and it is therefore quite hard to decipher where the strongest winds will be.

USMNT not headed to 2018 World Cup and people are disgusted
This is the first time since 1986 that the United States has missed out on a trip to the World Cup, so this is a pretty tough pill to swallow.

Duterte sidelines police in war on illegal drugs
President Barack Obama's criticisms on his war on drugs, opted to strengthen ties with Russian Federation and China. Duterte cited Republic Act No. 9165, or the Comprehensive Dangerous Drugs Act of 2002 , in his new memorandum.

Google simplifies Android video calling
Google is working with carriers to make the feature available on other Android devices, but the company hasn't given a specific timeline.

Liberia polls: Nigeria senator calls 'fake' victory for Weah
Correspondents say that irregularities would taint the country's first democratic transfer of power in more than 70 years. The National Elections Commission (NEC) had on Wednesday cautioned against the spread of what it called 'fake results'.

Oneok Inc (NYSE:OKE) Sentiment Change Report
The active investment managers in our partner's database now hold: 188.94 million shares, up from 165.44 million shares in 2017Q1. The firm has "Equal Weight" rating given on Wednesday, December 16 by Barclays Capital. (NYSE:OKE) rating on Monday, May 9.