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Direct Tax Agglomeration Up 25% In Q1 2017, Indirect Up 31%


Posted on September 30 2020

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The direct tax agglomerations in April-June quarter of the current financial year have risen to 24.79% from the complementary quarter last year while the government mopped up 30.8% more as the indirect taxes, as per the revenue secretary.
 
The figures of indirect tax agglomeration in April-June which indicate a growth rate of 30.8%. Therefore, if we remove the additional resource mobilisation (ARM) the growth rate is 10.2%. Direct tax agglomeration up to June, 2016 shows an increase of 24.79%. ARM refers to the series of tax rate increases the effect for last year for the petroleum goods.
 
While, the indirect tax agglomerations rose up to about Rs 2 lakh crore, mainly on the account of 50% jump in the excise revenues, in case of the direct taxes, kitty raised upto Rs 1.24 lakh crore in April-June driven mainly by higher agglomeration in personal income tax due to early advance tax completion. With this the government’s total revenue agglomeration in April-June quarter raised upto Rs 3.24 lakh crore, according to a report.
 
The main reason for this increase is the change in the requirement of the advance tax payment in respect of the individuals made in the last Budget. Earlier, there were 3 instalments to be paid by the individuals in the month of September, December and March. Now the individuals are assumed to pay 4 instalments of the advance tax in June, September, December and March. 15% is June instalment.
 
 
 
 
About 14.6% of the annual Budget target of the direct taxes has been achieved in the first three months of the year.
 
In terms of growth rate for the corporate tax and personal income tax, the trend in the gross revenue of the corporate tax is indicating an increase of 13.5% while that of the personal income tax which includes STT registered a growth of 29.8%. After adjusting for refunds, the net growth in the corporate tax is at 4.43% while that of the personal income tax which include STT at 48.75% as compared to the previous year.

Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.
 
With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.

 


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