Direct Tax collections show growth of 19.5 % till Feb 2018

Speed Post News Network

New Delhi : The provisional figures of Direct Tax collections up to February, 2018, show that net collections are at Rs 7.44 lakh crore which is 19.5% higher than the net collections for the corresponding period of last year. The net Direct Tax collections represent 74.3% of the Rrvised estimates of Direct Taxes for ​the Financial Year 2017-18 which stand at Rs 10.05 lakh crore.

Gross collections (before adjusting for refunds) have increased by 14.5% to Rs 8.83 lakh crore during April 2017 to February 2018. Refunds amounting to Rs 1.39 lakh crore have been issued during April 2017 to February 2018, according to a PIB release. The growth rate for nN​et collections for Corporate Income Tax (CIT) is 19.7% and for Personal Income Tax (PIT)  18.6%.