Direct tax collections till January 15 up 18.7 per cent

income-tax

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 per cent higher than during the corresponding period of last year, it was announced on Wednesday.

The net Direct Tax collections represent 70.3 per cent 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 per cent 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 per cent in Q1, to 10.3 per cent in Q2, to 12.6 per cent in Q3 and to 13.5 per cent as on January 15, 2018.

It said that similarly, the growth rate of total Net Direct Tax collections has climbed up from 14.8 per cent in Q1, to 15.8 per cent in Q2, to 18.2 per cent in Q3 and to 18.7 per cent 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 per cent in Q1, attained a growth rate of 5.1 per cent in Q2, 10.1 per cent in Q3 and 11.4 per cent as on January 15, 2018. Similarly, the growth rate of net CIT collections increased from 10.8 per cent in Q2, to 17.4 per cent in Q3 and to 18.2 per cent as on January 15, 2018,” the statement added.