Direct tax collection jumps 19% to Rs6.89 trillion this fiscal
New Delhi: Direct tax collections during the first nine-and-a-half months of the current fiscal have risen by 18.7% to Rs6.89 trillion, the tax department said on Wednesday.
The collections till 15 January, 2018 represent over 70% of the Rs9.8 trillion revenue target from direct taxes, the Central Board of Direct Taxes (CBDT) said in a statement.
“The provisional figures of direct tax collections up to 15 January, 2018, show that net collections are at Rs6.89 lakh crore which is 18.7% higher than the net collections for the corresponding period last year,” it said.
Gross collections (before adjusting for refunds) have increased by 13.5% to Rs 8.11 trillion during April, 2017 to 15 January, 2018. Refunds amounting to Rs1.22 trillion have been issued during this period.
Stating that there has been “consistent and significant” improvement in the position of direct tax collections during the current fiscal, the CBDT said the growth rate of total gross collections has improved from 10% in Q1, to 10.3% in Q2, to 12.6% in Q3 and to 13.5% as on 15 January, 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 15 January, 2018.
The growth in corporate tax collections has risen from 4.8% in first quarter of current fiscal to 10.1% in Q3 and 11.4% as on 15 January, 2018.
Similarly, the growth rate of net corporate tax collections increased from 10.8% in Q2 to 17.4% in Q3 and to 18.2% as on 15 January, 2018.