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The Print
16 hours ago
- Business
- The Print
Net direct tax collection dips 1.39 pc to Rs 4.59 lakh cr on lower advance tax mop-up, higher refunds
Advance tax paid by corporates saw a growth of 5.86 per cent to Rs 1.22 lakh crore, while those by non-corporates, including individuals, HUFs and firms, dropped 2.68 per cent to Rs 33,928 crore. Advance tax, which is an indicator of corporate profitability and income of individuals, grew a meagre 3.87 per cent to Rs 1.56 lakh crore between April 1-June 19, 2025. In the comparable period in 2024, advance tax collection had recorded an annual growth of 27 per cent. New Delhi, Jun 21 (PTI) Net direct tax collection so far this fiscal dipped 1.39 per cent to Rs 4.59 lakh crore, on slowdown in advance tax mop-up and higher refunds, government data released on Saturday showed. Advance tax is paid in four instalments — in June, September, December, and March. Refund issuances increased by 58 per cent to Rs 86,385 crore till June 19, this fiscal. Gross direct tax collection stood at Rs 5.45 lakh crore so far this fiscal, logging a growth of 4.86 per cent from the year-ago period. Overall, the net direct tax collection kitty stood at about Rs 4.59 lakh crore in the fiscal till June 19, 2025, registering a 1.39 per cent dip from Rs 4.65 lakh crore collected in the corresponding period in 2024. During April 1-June 19, 2025, net corporate tax collection witnessed a slowdown at about Rs 1.73 lakh crore, a decline of over 5 per cent year on year. Non-corporate tax collections, which include mainly personal income tax, however, recorded a slight increase of 0.7 per cent to Rs 2.73 lakh crore. Securities Transaction Tax (STT) grew 12 per cent to Rs 13,013 crore during the period. In the current fiscal (2025-26), the government has projected its direct tax collections at Rs 25.20 lakh crore, up 12.7 per cent year on year. The government has collected 18.21 per cent of its direct tax target till June 19. The government aims to collect Rs 78,000 crore from STT in FY26. PTI JD HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
5 days ago
- Business
US retail sales fall as Americans turn cautious after spending early to beat tariffs
WASHINGTON -- Retail sales fell sharply in May as consumers pulled back after a sharp increase in spending in March to get ahead of President Donald Trump's sweeping tariffs on nearly all imports. Sales at retail stores and restaurants dropped 0.9% in May, the Commerce Department said Tuesday, after a decline of 0.1% in April. The figure was pulled down by a steep drop in auto sales, after Americans ramped up their car-buying in March to get ahead of Trump's 25% duty on imported cars and car parts. Excluding autos, sales fell 0.3%. The sales drop comes after sharp declines in consumer confidence this year. Still, inflation has cooled steadily and unemployment remains low, which could fuel steady spending in the coming months, as the economy has remained mostly solid. Sales dropped 2.7% last month at home and garden centers, 0.6% at electronics and appliance stores, and 0.7% at grocery stores. There were some bright spots: Sales rose 0.9% at online retailers, 0.8% at clothing stores, and 1.2% at furniture stores.
Yahoo
5 days ago
- Business
- Yahoo
US retail sales fall and Americans turn cautious after spending early this year to beat tariffs
WASHINGTON (AP) — Retail sales fell sharply in May as consumers pulled back after a sharp increase in spending in March to get ahead of President Donald Trump's sweeping tariffs on nearly all imports. Sales at retail stores and restaurants dropped 0.9% in May, the Commerce Department said Tuesday, after a decline of 0.1% in April. The figure was pulled down by a steep drop in auto sales, after Americans ramped up their car-buying in March to get ahead of Trump's 25% duty on imported cars and car parts. Excluding autos, sales fell 0.3%. The sales drop comes after sharp declines in consumer confidence this year. Still, inflation has cooled steadily and unemployment remains low, which could fuel steady spending in the coming months, as the economy has remained mostly solid. Sales dropped 2.7% last month at home and garden centers, 0.6% at electronics and appliance stores, and 0.7% at grocery stores. There were some bright spots: Sales rose 0.9% at online retailers, 0.8% at clothing stores, and 1.2% at furniture stores. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
US retail sales fall and Americans turn cautious after spending early this year to beat tariffs
WASHINGTON (AP) — Retail sales fell sharply in May as consumers pulled back after a sharp increase in spending in March to get ahead of President Donald Trump's sweeping tariffs on nearly all imports. Sales at retail stores and restaurants dropped 0.9% in May, the Commerce Department said Tuesday, after a decline of 0.1% in April. The figure was pulled down by a steep drop in auto sales, after Americans ramped up their car-buying in March to get ahead of Trump's 25% duty on imported cars and car parts. Excluding autos, sales fell 0.3%. The sales drop comes after sharp declines in consumer confidence this year. Still, inflation has cooled steadily and unemployment remains low, which could fuel steady spending in the coming months, as the economy has remained mostly solid. Sales dropped 2.7% last month at home and garden centers, 0.6% at electronics and appliance stores, and 0.7% at grocery stores. There were some bright spots: Sales rose 0.9% at online retailers, 0.8% at clothing stores, and 1.2% at furniture stores. Sign in to access your portfolio
Winnipeg Free Press
5 days ago
- Business
- Winnipeg Free Press
US retail sales fall and Americans turn cautious after spending early this year to beat tariffs
WASHINGTON (AP) — Retail sales fell sharply in May as consumers pulled back after a sharp increase in spending in March to get ahead of President Donald Trump's sweeping tariffs on nearly all imports. Sales at retail stores and restaurants dropped 0.9% in May, the Commerce Department said Tuesday, after a decline of 0.1% in April. The figure was pulled down by a steep drop in auto sales, after Americans ramped up their car-buying in March to get ahead of Trump's 25% duty on imported cars and car parts. Excluding autos, sales fell 0.3%. Monday Mornings The latest local business news and a lookahead to the coming week. The sales drop comes after sharp declines in consumer confidence this year. Still, inflation has cooled steadily and unemployment remains low, which could fuel steady spending in the coming months, as the economy has remained mostly solid. Sales dropped 2.7% last month at home and garden centers, 0.6% at electronics and appliance stores, and 0.7% at grocery stores. There were some bright spots: Sales rose 0.9% at online retailers, 0.8% at clothing stores, and 1.2% at furniture stores.
