Direct tax collection increases 16% in April-September period

A tax inspector investigating financial documents through magnifying glass forensic accounting or financial forensics inspecting offshore company financial papers documents and reports

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:

  • 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.
    James Van Der Beek had his 'ass grabbed by older, powerful men'

    James Van Der Beek had his 'ass grabbed by older, powerful men'

    Weinstein has strongly denied rape allegations and said many other accusations against him are inaccurate. In a bombshell New York Times report last week, eight women accused him of acting inappropriately.

    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.
  • After Gajendra Chauhan, now FTII students protest against new chairman Anupam Kher

    After Gajendra Chauhan, now FTII students protest against new chairman Anupam Kher

    Apart from this he has also appeared in several stage plays and authored a book with a title "The Best Things About You Is You'". In the past few days, Anupam has been busy promoting his production Ranchi Diaries , and he has also has film projects lined up.
    Diddy Looking to Buy the NFL or Start His Own Football League

    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.

    Sentiment Report: Ensco PLC (NYSE:ESV)

    The institutional investors in our partner's database reported: 300.48 million shares, up from 252.47 million shares in 2017Q1. UBS "Upgrades" Ensco Plc (NYSE: ESV ) in a research note issued to investors on 9/25/17 to Buy with price target of $0.
  • Trump smentisce Nbc:

    Trump smentisce Nbc: "espansione nucleare è un'invenzione"

    L'ordine di Trump è netto: aumentare in maniera esponenziale il numero delle atomiche, passando dalle attuali 4mila a 32mila. L'indiscrezione è stata raccontata alla Nbc News da tre funzionari presenti al meeting.

    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.
    Google simplifies Android video calling

    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.
  • 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.
    JP Morgan Chase & Co (JPM) Shares Bought by Private Wealth Partners LLC

    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.
    MSC containership, other grounded vessels, refloated in Port of Durban

    MSC containership, other grounded vessels, refloated in Port of Durban

    The conditions are also expected to disrupt freight operations at the Port of Richards Bay. Five tugs successfully towed the 348.5m vessel to safety.


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.

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.

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".

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.

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.

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.

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.

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.

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.

Lufthansa CEO to sign Air Berlin deal today
Flights operated by Air Berlin subsidiaries Niki and LG Walter, which are not insolvent, will continue indefinitely, the company said.

What Analysts Have to Say About Pretium Res Inc (PVG)?
The Firm is focused on the acquisition, development and commercialization of therapeutics for cancer and other medical needs. Royal Bank Of Canada reiterated an outperform rating on shares of Pretium Resources in a report on Thursday, September 7th.

Assembly polls dates likely to be announced today for Gujarat & Himachal
If sources are to be believed the Assembly elections in Himachal Pradesh will be held in single-phase. Elections in Gujarat in 2012 were held in two phases on 13 and 17 December 2012 respectively.

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.