Direct tax collections grow over 14% till November to nearly Rs 5 lakh crore
Tax collections from the start of the financial year to November 2017 have escalated as against the year ago period.
- Tax collections stood at Rs 4.8 lakh crore for the period.
- In the April to October period, collections were up 15% to Rs 4.3 lakh crore.
- Refunds amounting to Rs 1.02 lakh crore have been issued so far.
Direct tax collections in the financial year 2017-18 up till the month of November has registered an increase.
Ministry of Finance on Saturday said that the net collections were up 14.4% till November.
“The provisional figures of Direct Tax collections up to November, 2017 show that net collections are at Rs. 4.8 lakh crore which is 14.4% higher than the net collections for the corresponding period of last year,” the government said.
In the April to October period, collections were up 15% to Rs 4.3 lakh crore.
“The Net Direct Tax collections represent 49% of the total Budget Estimates of Direct Taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore). Gross collections (before adjusting for refunds) have increased by 10.7% to Rs.5.82 lakh crore during April-November, 2017,” the government added.
Till October 2017, the government said that 44.8% of the annual budget target of direct taxes (Rs 9.8 lakh crore) had been achieved.
Refunds had earlier amounted to Rs 89,507 crore had been made during April-October 2017.
“Refunds amounting to Rs 1.02 lakh crore have been issued during April, 2017 to November, 2017,” the government said.