Economy

Direct tax collections up 19.5% in April-Feb period

Our Bureau New Delhi | Updated on March 08, 2018 Published on March 08, 2018

The direct tax collections jumped by nearly 20 per cent between April and February this fiscal as the Income-Tax Department races to meet its full year targets.

The net direct tax receipts grew by a hefty 19.5 per cent in the first 11 months of the fiscal amounting to ₹7.44-lakh crore, according to official data released on Thursday.

Net corporate income tax collections increased by 19.7 per cent in the period, while personal income tax receipts grew by 18.6 per cent.

“Refunds amounting to ₹1.39-lakh crore were issued between April 2017 and February 2018,” said the Finance Ministry in a release.

Gross collections also increased by a robust 14.5 per cent to ₹8.83-lakh crore in the period.

But despite the steady collection, the mop-up represents just 74.3 per cent of the Revised Estimate of ₹10.05-lakh crore.

In the Union Budget 2018-19, Finance Minister Arun Jaitley had raised the direct tax collection target for this fiscal by about ₹25,000 crore in the revised Estimates expecting an increase in the corporate tax collections.

The Budget Estimate for direct taxes was pegged at ₹9.8-lakh crore for 2017-18.

But with the last instalment of advance tax due later this month as well as filing of returns, tax officials are confident that the target will be met.

Published on March 08, 2018

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