Direct tax collections peak at Rs 6.9 lakh cr after refund of Rs 1.2 lakh cr
By TIOL News Service
NEW DELHI, JAN 17, 2018: The provisional figures of Direct Tax (DT) 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 last year. The net DT collections represent 70.3% 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 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 DT collections has improved from 10.0% in Q1, 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 DT 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 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. Similarly, the growth rate of net CIT collections increased from 10.8% in Q2, to 17.4% in Q3 and to 18.2% as on January 15, 2018.
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