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Direct tax collections surges 18.7% to Rs 6.89 lakh cr

Author: IANS/Thursday, January 18, 2018/Categories: Tax

Direct tax collections surges 18.7% to Rs 6.89 lakh cr

New Delhi - The net Direct Tax collections by the government up to January 15 in the current fiscal (2017-18) stood at Rs 6.89 lakh crore (provisional) -- which is 18.7% higher than during the corresponding period of last year, it was announced.

The net Direct Tax collections represent 70.3% of the total Budget Estimates of Direct Taxes for 2017-18 (Rs 9.8 lakh crore), the finance ministry said in a statement here.

Refunds amounting to Rs 1.22 lakh crore have been issued from April 1, 2017 to January 15, 2018, the ministry said.

Gross collections (before adjusting for refunds) have increased by 13.5% to Rs. 8.11 lakh crore during the period April, 2017 to January 15, 2018. 

"There has been consistent and significant improvement in the position of Direct Tax collections during the current fiscal across all parameters," it added.

The growth rate of total Gross Direct Tax collections has improved from 10% in Q1, to 10.3% in Q2, to 12.6% in Q3 and to 13.5% as on January 15, 2018. 

It said that similarly, the growth rate of total Net Direct Tax collections has climbed up from 14.8% in Q1, to 15.8% in Q2, to 18.2% in Q3 and to 18.7% as on January 15, 2018.

"The growth has been particularly good in the collections under Corporate Income Tax (CIT). Gross CIT collections, which were growing at the rate of 4.8% in Q1, attained a growth rate of 5.1% in Q2, 10.1% in Q3 and 11.4% as on January 15, 2018. Similarly, the growth rate of net CIT collections increased from 10.8% in Q2, to 17.4% in Q3 and to 18.2% as on January 15, 2018," the statement added.

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