Demonetisation effect: Direct tax mop-up grows 15% to Rs 1.42 lakh cr in Q1

Overall advance taxes, both personal and corporate, grew by 11.9% to Rs 58,783 crore

 

 

Advance tax paid by individuals recorded 40 per cent growth in the first quarter (April-June) of the current financial year.

This could be an impact of the demonetisation of high-value currencies, with more non-corporate entities recording higher incomes.

Overall income tax direct collection after refunds expanded by 14.8 per cent to Rs 1.42 lakh crore over the corresponding period in 2016.

“The government has benefited from demonetisation, as people have started reporting higher income,” Sushil Chandra, chairman of the Central Board of Direct Taxes, told Business Standard.

Overall advance taxes, both personal and corporate, grew by 11.9 per cent to Rs 58,783 crore. Advance tax is paid within a specified period after the money is earned, rather than waiting for the end of the financial year.

Electronic filing of income tax returns up to June for 2016-17 grew by 18 per cent, suggesting that more people regularised their unaccounted income. “People are aware now that the income tax department is carrying out lots of searches and surveys and that black money will not be tolerated any more,” said Chandra.

“Last year, we cleared a lot of pending refunds for the year-ago period, whereas there are no pending refunds of the past fiscal (year) this time,”........ read source

TV, smartphone, fridge, gold coins: What gets expensive after GST

However, luxury cars like Mercedes and Audi will get cheaper after GST rollout

 

With the Parliament clearing the way for four crucial GST bills in its April session, India’s landmark tax reform is all set for its rollout on July 1. While it is expected that most goods may become cheaper after the implementation of the Goods and Services Tax, quite a few services and some goods will become more expensive after the tax comes into effect. It is also expected that the Indian economy will see an inflationary effect immediately after the implementation of the GST.

The current taxes are levied on account of central excise duty rates, embedded central excise duty rates, service tax post-clearance embedding, VAT rates or weighted average VAT rates, cascading of VAT over excise duty and tax incidence on account of CST, Octroi, Entry Tax, among others.

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Here are some goods that will be expensive after GST:

• Luxury cars to become cheaper
• Audio Systems/Home theatres
• Televisions
• Refrigerators
• Watches
• Mobile phones
• ANTIQUE GOLD COINS

GST Prices of the goods  → Click on the Link ←