Direct tax collections till Jan 15 rise 18.7%
There has been consistent improvement in direct tax collections during the period, says govt
Corporate Income Tax (CIT) collections growth too have been good in this period. Image source: Reuters
Net collections till Jan 15 is 70.3% of the Budget estimates for FY 18
Government refunded Rs 1.22 lakh crore during the period
Gross direct tax collections rose 13.5% as of Jan 15
The government's net direct tax collections till January 15 rose 18.7% year on year to Rs 6.89 lakh crore for the financial year 2017-18 (FY18).
This is 70.3% of the total Budget estimates of direct taxes for FY 18 (Rs 9.8 lakh crore). Gross collections (before adjusting for refunds) have increased 13.5% to Rs 8.11 lakh crore in the same period.
Refunds amounting to Rs 1.22 lakh crore have been issued from the start of the financial year to January 15, 2018.
There has been consistent improvement in the position of direct tax collections during the current financial year across all parameters, a Ministry of Finance statement said.
The growth rate of total gross direct tax collections has improved from 10% in Q1, to 10.3% in Q2, to 12.6% in Q3 and to 13.5% as of January 15, 2018.
Similarly, the growth rate of total net direct tax collections has climbed up from 14.8% in Q1, to 15.8% in Q2, to 18.2% in Q3 and to 18.7% till the latest date mentioned before.
Corporate Income Tax (CIT) collections growth too have been good in this period.
Gross CIT collections, which were growing at the rate of 4.8% in Q1, attained a growth rate of 5.1% in Q2, 10.1% in Q3 and 11.4% as of January 15.
Similarly, the growth rate of net CIT collections increased from 10.8% in Q2, to 17.4% in Q3, and to 18.2% as of January 15.