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Net direct tax collections grew by a robust 17.5 per cent to ₹2.24 lakh crore between April and August this fiscal, bringing some comfort to the Centre’s fiscal health.
“This collection is 22.9 per cent of the total Budget Estimates of Direct Taxes for the Financial Year 2017-18,” said the Finance Ministry in a statement on Monday.
Upswing in economy Indicating some upswing in economic activities both corporate and personal income tax collections grew at a healthy pace.
Gross corporate tax receipts increased by five per cent between April and August this fiscal while net corporate tax collections grew by a healthy 18.1 per cent.
Similarly, gross receipts from personal income tax rose by 16 per cent in the first four months of the fiscal and net collections grew by 16.5 per cent.
The Centre has targeted gross direct tax receipts at ₹9.8 lakh crore in 2017-18, projecting a 15.7 per cent increase from the Revised Estimate of ₹8.46 lakh crore for 2016-17.
Of this, gross corporate tax collections are targeted at ₹5.38 lakh crore and personal income tax receipts are estimated at ₹4.41 lakh crore in 2017-18.
The Central Board of Direct Taxes has also issued refunds amounting to ₹74,089 crore between April and August 2017, which is 7.2 per cent lower than a year ago.
Meanwhile, indirect tax receipts under the goods and services tax have also been robust at ₹95,000 crore in July, which was the first month of its implementation.
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