Direct Tax collections for 2017-18 show growth of 19.3 %

Speed Post News Network

New Delhi : 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% higher than the net collections for the corresponding period of last year.

The net Direct Tax collections represent 69.2% of the Revised Estimates of Direct Taxes for financial year 2017-18 (Rs.10.05 lakh crore). Gross collections (before adjusting for refunds) have increased by 13.3% to Rs 8.21 lakh crore during April 2017 to January 2018. Refunds amounting to Rs 1.26 lakh crore have been issued during April 2017 to January 2018, according to a PIB release.

The Growth Rate for Net Collections for Corporate Income Tax (CIT) is 19.2% and for Personal Income Tax (PIT) is 18.6%.