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Direct tax collections up 18% in April-December (Lead)
New Delhi, Jan 9 (IANS) India’s direct tax collection between April and December in the current fiscal at Rs 6.56 lakh crore was 18.2 per cent higher than for the corresponding period last year, according to an official announcement on Tuesday.
A Finance Ministry statement said the collections till December represent 67 per cent of the total budget estimates for direct taxes for fiscal 2017-18.
“Provisional figures of direct tax collections up to December 2017 show that net collections are at Rs 6.56 lakh crore, which is 18.2 per cent higher than the net collections for the corresponding period of last year,” the Ministry tweeted.
“Net direct tax collections represent 67 per cent of total budget estimates of direct taxes for FY 2017-18 (Rs 9.8 lakh crore),” the release said here.
As per the Central Board of Direct Taxes (CBDT) data, gross collections before adjusting for refunds have increased by 12.6 per cent to Rs 7.68 lakh crore during April-December 2017. Refunds amounting to Rs 1.12 lakh crore have been issued during this period.
A total of Rs 3.18 lakh crore has been received as advance tax till December, reflecting a growth of 12.7 per cent on this count over the corresponding period of last year, the statement said.
“The growth in corporate income tax advance tax is 10.9 per cent and that in personal income tax advance tax is 21.6 per cent,” it added.
Analysts pointed out that the increase in direct tax collections “indicates a strengthening of corporate profits”.
Commenting on the higher direct tax collection, Riaz Thingna, Director, Grant Thornton Advisory Private said: “This is accentuated by the fact that one expected that advance tax payments would be subdued with funds being locked up in GST payments. All in all this should bring cheer to industry watchers.”
According to Samir Kanabar, Tax Partner, EY India: “Higher personal advance-tax collection of 21.6 per cent reflects expansion of tax base and impact of demonetisation; this, probably allays fears of slowdown in taxpayer base.”
“Share of income-tax (67 per cent) is significantly higher as compared to an average share of around 53 per cent over last four years.”
Shefali Goradia, Partner, Deloitte India said: “In December, 2017, the CBDT had issued instructions to step up efforts in tax collection by pursuing tax arrears and expediting even non-time barring cases where there was a possibility of raising tax demand. Increase in the tax collection may be in response to this initiative.”
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.