Direct tax collections jumped up by nearly 20 per cent between April and February this fiscal as the income tax department races to meet its full-year targets. 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.