{"id":35729,"date":"2018-11-01T11:33:56","date_gmt":"2018-11-01T06:03:56","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=35729"},"modified":"2018-11-01T11:33:56","modified_gmt":"2018-11-01T06:03:56","slug":"net-direct-tax-mop-up-increases-19-1","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/net-direct-tax-mop-up-increases-19-1\/","title":{"rendered":"Net direct tax mop up increases 19.1%"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/todays-paper\/tp-business\/net-direct-tax-mop-up-increases-191\/article19460562.ece\"><span style=\"font-weight: 400;\">Net direct tax mop up increases 19.1%<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\"><strong> Context \u00a0<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Personal income tax collection net of refunds rise 15.7%, net corporate tax 23.2%, official data show<\/span><\/p>\n<p><strong>Introduction:<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Net direct tax collections up to July 2017 in the current financial year stood at Rs 1.90 lakh crore or 19.1% higher than in the corresponding period of the previous year, according to official figures.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Within this, net personal income tax grew 15.7% and net corporate tax 23.2% over the year earlier period, the data showed.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">In comparison, growth in net direct tax collections up to July 2016 in the previous financial year stood at 24% while growth in personal tax collections was 46.5% and corporate tax collections 2.84%.<\/span><\/li>\n<\/ul>\n<p><strong>Reason:<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0\u00a0<\/span><span style=\"font-weight: 400;\">The slowdown in the overall economy as well as the impact of a high growth base last year could be the factors responsible for slower growth in direct tax inflows.<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Last year, there was an out of line growth, and measured against that, this year\u2019s number would show lower growth.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><strong>Key points:<\/strong><\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> \u00a0<\/span><span style=\"font-weight: 400;\">Direct tax collections up to July 2017 in the current financial year 2017-18 continue to register steady growth, the government said in a release<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0<\/span><span style=\"font-weight: 400;\">So far, as the growth rate for corporate income tax (CIT) and personal income tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 7.2% while that for PIT is 17.5%, the release added.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0<\/span><span style=\"font-weight: 400;\">Slowdown in personal tax collections could also reflect a slowdown in small business activity, since salary income tends to grow from year to year.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><span style=\"font-weight: 400;\">As the growth rate for corporate income tax (CIT) and personal income tax(PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 7.2% while that for PIT is 17.5%, the release added.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Net direct tax mop up increases 19.1% Context \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Personal income tax collection net of refunds rise 15.7%, net corporate tax 23.2%, official data show Introduction: Net direct tax collections up to July 2017 in the current financial year stood at Rs 1.90 lakh crore or 19.1% higher than in the corresponding period of the&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/net-direct-tax-mop-up-increases-19-1\/\">Continue reading <span class=\"screen-reader-text\">Net direct tax mop up increases 19.1%<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-35729","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704892817},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/35729","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=35729"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/35729\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=35729"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=35729"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=35729"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}