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April-August income tax revenue up 17.5% at Rs 2.24 lakh cr

April-August income tax revenue up 17.5% at Rs 2.24 lakh cr

by | May 25, 2021 | Corporate, Corporate finance, Corporate Governance, Corporate Reports

Tax, Income Tax,New Delhi : The Indian Income Tax Department’s collections in the first five months of the current fiscal at Rs 2.24 lakh crore grew 17.5 per cent over the same period last year, an official said on Monday.

A Central Board of Direct Taxes (CBDT) statement here said the collections for the period April-August amount to 22.9 per cent of the total budget estimates of direct taxes for the current financial year.

“The direct tax collections up to August 2017 continue to register steady growth. Direct tax collection, net of refunds, stands at Rs 2.24 lakh crore which is 17.5 per cent higher than the net collections for the corresponding period of last year,” it said.

In terms of gross revenue collections, personal income tax collections (PIT) rose 16 per cent, while corporate income tax (CIT) grew 5 per cent.

“However, after adjusting for refunds, the net growth in CIT collections is 18.1 per cent while that in PIT collections is 16.5 per cent,” it said.

“Refunds amounting to Rs 74,089 crore have been issued during April, 2017 to August, 2017, which are 7.2 per cent lower than the refunds issued during the corresponding period of financial year 2016-17,” it added.

The government has targeted collection of Rs 9.80 lakh crore from direct taxes during this fiscal.

—IANS

94 percent income tax returns filed online in FY16

94 percent income tax returns filed online in FY16

by | May 25, 2021 | Economy, News

itrNew Delhi (IANS) The income tax department issued 2.10 crore refunds to the tune Rs.1,22,425 crore in 2015-16, 94 percent of which were filed online, the government said here on Friday.

“In FY 2015-16, 94 percent income tax returns were filed online. 2.1 crore refunds worth Rs.1.22 lakh crore given. Using technology to increase taxpayer friendliness,” Minister of State for Finance Jayant Sinha said in a tweet.

“As many as 4.14 crore returns were processed without any human intervention. More than 2.10 crore refunds amounting to Rs.1,22,425 crore were paid in 2015-16 as compared to Rs.1,12,188 crore in 2014-15,” the finance ministry said in a statement.

E-payment for central excise and service tax refunds are also in place, the statement said.

“Single Window Interface for Facilitating Trade (SWIFT) acts as a single point interface for over 50 offices of six government agencies for clearance of Exim (export-import) goods,” it said.

For indirect tax collections, the GDP ratio for the current fiscal is estimated to touch 5.20 percent as compared to 5.17 percent for 2015-16 and 4.36 percent for 2014-15, it said.