Direct tax collection till July 11 surges 23% to Rs 6.5 lakh crore - Times of India
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NEW DELHI: Direct tax collections have increased over 23% to Rs 6,45,239 crore during this financial year up to July 11, driven by a faster rise in personal income tax , the Central Board of Direct Taxes ( CBDT ) said on Saturday. Net collections were 19.5% higher at over Rs 5.7 lakh crore as refunds soared almost 65% to Rs 70,902 crore during the period.On a gross basis, corporate tax collections were 20.4% higher at Rs 2,65,336 crore, while personal income, including securities transaction tax, rose 25.3% to a little under Rs 3.8 lakh crore. "Corporate profits continue to surge significantly, and these are clearly reflected in the first quarter advance tax collections. A booming stock market has also contributed to higher STT [securities transaction tax] collections. Strong collections being the backdrop of the upcoming budget indicate the possibility of the govt reigning in the fiscal deficit," said Rohinton Sidhwa, partner at Deloitte India. So far this yea...