Direct tax collection grows 21% till mid-July FY’18
New Delhi: The government has collected over Rs 1.80 trillion in direct tax till 15 July in the current fiscal, an increase of 21.4% year-on-year, “belying” fears of slowdown in economic activities.
“The current growth rate is higher than the target rate of 15.32 required to achieve the Budget Estimate,” minister of state for finance Santosh Kumar Gangwar said in a written reply in the Rajya Sabha. The government aims to collect Rs9.8 trillion through direct taxes in 2017-18. The minister further said the current growth rate in direct tax collections is “quite healthy, belying any apprehension of reduction” in the level of economic or commercial activities.
He said the government has taken several initiatives to boost economic activity in the country and several measures were announced in the Budget 2017-18. Replying to another question, Gangwar said the number of cyber crimes pertaining to credit card, ATM, debit card and internet banking shows a marginal increase of 4.4% from 13,083 in 2014-15 to 13,653 in 2016-17. He said the Reserve Bank has mandated banks to put in place a board approved cyber-security policy, which covers the risks threats and the measures to address these risks.