Net Direct Tax collection rises to 7.44 lakh crore for April-Feb: Data

New Delhi, Mar 9 (KNN) Net direct tax collection for the financial year 2017-18 stood at Rs 7.44 trillion which is 19.5 % higher than the previous financial year 2016-17, data released by the government indicated.

As per the revenue estimates total direct tax collection for the full year is Rs 10.05 trillion and the receipts so far calculates 7.44 trillion which is about 3/4th of the revised estimates.

The growth rate of gross direct tax receipts before adjusting for tax reforms stands around somewhere at 14.5% subject to change in the refund cycle and gross collection for this year is Rs 8.83 trillion.

So far tax department has issued funds amounting to Rs 1.39 trillion this year, a release informed.

This increase in direct tax receipts is due to the addition of more tax payers by government in the basket and also intensive analysis played a role to check tax evasion.

While direct tax receipts are projected to account for more than half of the governments’ total tax revenue on the contrary, indirect tax receipts from GST suffered on account of tax rate cuts and compliance challenges.

According to tax department statement, Net corporate tax collection stood at 19.7% while personal income tax at 18.6% in the first 11 months of this fiscal from a year ago. (KNN/YV)