New Delhi, July 22 (Inditop.com) India’s net direct tax collections increased 3.65 percent in the first quarter this fiscal, but the growth was stymied on account of a 52-percent jump in refunds and lower corporate tax collection, the government said Wednesday.
“Net direct tax collections during first three months of the present fiscal stood at Rs.59,465 crore ($11.9 billion), up from Rs.57,373 crore ($11.5 billion) in the same period last fiscal,” a finance ministry statement said.
“Lower growth in net tax collection was mainly on account of higher tax refund outgo of 52.01 percent at Rs.17,600 crore in the present quarter as against Rs.11,578 crore in the first quarter last fiscal,” the statement added.
Corporate tax collection grew 3.31 percent to Rs.35,709 crore ($7.14 billion), while that of personal income tax, including fringe benefit tax and securities transaction tax, was 4.38 percent at Rs.24,564 crore ($4.91 billion).
The official data showed fringe benefit tax collections declined 7.56 percent while that for securities transaction tax was down 9.90 percent during the period under review.
