Direct tax collection hits 19.3 per cent increase in April-Jan period: Govt Data
New Delhi, Feb 10 (KNN) The provisional figures of Direct Tax Collection up to the month of January, 2018 for the FY 2017-18 shows an increase of 19.3 per cent as compared to the net collections for the corresponding period of the previous fiscal.
The net collections for April-Jan period stood at 6.95 lakh crore, high by 19.3 per cent, the Ministry of Finance said in a release.
“The net Direct Tax collections represent 69.2 per cent of the Revised Estimates of Direct Taxes for F.Y. 2017-18 (Rs.10.05 lakh crore).Gross collections (before adjusting for refunds) have increased by 13.3per cent to Rs.8.21 lakh crore during April 2017 to January 2018”, the release further said.
With regard to the refunds, the ministry informed refunds amounting to Rs.1.26 lakh crore have been issued during April 2017 to January 2018.
The Growth Rate for Net Collections for Corporate Income Tax (CIT) is 19.2 per cent and for Personal Income Tax (PIT) is 18.6 per cent the release further added. (With PIB Input) (KNN/DA)