New Delhi, Feb 9: Union government’s direct tax collections increased to Rs 6.95 Lakh Crore in the span of nine months of the current fiscal. Central Board of Direct Taxes, in a statement, said that it regsitered a growth of 19.3 per cent in direct tax collections. The net direct tax collections represent 69.2 per cent of the revised estimates of Rs 10.05 lakh crore for direct taxes in 2017-18.
“The provisional figures of Direct Tax collections up to January, 2018 show that net collections are at Rs 6. 95 lakh crore which is 19.3 per cent higher than the net collections for the corresponding period of last year,” a finance ministry statement said.
The net collections for Corporate Income Tax (CIT) showed a growth of 19.2 per cent and for Personal Income Tax (PIT) at 18.6 per cent.
The CBDT further states that gross collections, before adjusting for refunds, increased by 13.3 percent to Rs. 8.21 lakh crore during April 2017 to January 2018. Furthermore, refunds amounting to Rs. 1.26 lakh crore were issued during April 2017 to January 2018, the CBDT said.
Meanwhile, the growth rate for net collections for Corporate Income Tax (CIT) is 19.2 percent, along with 18.6 percent hike in Personal Income Tax (PIT).