JOIN USIn a significant boost to revenues ahead of the Union Budget, the Centre's gross direct tax collections rose 13.5% year-on-year, to Rs 8.11 lakh crore, against the estimated Rs 9.8 lakh crore for this fiscal.
Provisional figures of direct tax collections up to January 15, 2018, show that net collections are at Rs 6.89 lakh crore, which is 18.7% higher than the net collections for the corresponding period of the last year. "The net direct tax collections represent 70.3% of the total Budget estimates of direct taxes for financial year 2017-18 (Rs 9.8 lakh crore)," the Ministry of Finance said.
Gross collections (before adjusting for refunds) have increased by 13.5% to Rs 8.11 lakh crore during April 2017, to January 15, 2018. Refunds amounting to Rs 1.22 lakh crore have been issued during April 2017 to January 15, 2018.
"There has been consistent and significant improvement in the position of direct tax collections during the current fiscal across all parameters. The growth rate of total gross direct tax collections has improved from 10.0% in the first quarter, to 10.3% in Q2, to 12.6% in Q3, and to 13.5% as on 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%, as on January 15, 2018," the ministry said.
The growth has been particularly good in the collections under corporate income tax (CIT). 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 on January 15, 2018.