Latest Business News - Highlighting the impact the 'currency squeeze', as a result of demonetisation, has had on revenue collection in the country in the months of November and December last year, Union Finance Minister Arun Jaitley on Monday said that collection figures have moved up in all states.
"The big picture is that the Direct Tax collections have moved up. The Indirect Tax collections have also significantly increased," Arun Jaitley told a press conference here.
The Finance Minister, who presented the revenue collection data report for the past two months, said the Direct Tax collections are 12.01 percent more than the collections for the corresponding period last year for the first three quarters of the ongoing financial year - from April, 2016, to December, 2016. This collection, the report says, is 65.3 percent of the total Budget Estimates of Direct Taxes for F.Y. 2016-17.
Jaitley said, "The Direct Taxes include the corporation tax, the personal tax and the likes — all taken together."
The collections under advance tax stand at Rs 2.82 lakh crore, which is 14.4 percent higher than the figures for the corresponding period of last year. CIT advance tax is growing at 10.6 percent while PIT advance tax has registered a growth of 38.2 percent.(Read More)
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