Policy

Direct tax collections rise 19.3% in April- Jan

New Delhi | Updated on February 09, 2018 Published on February 09, 2018

tax-collections

69% of revised target has been met

Direct tax collections grew by nearly 20 per cent between April and January this year with strong growth in both corporate and personal income tax receipts.

According to official data released on Friday, net direct tax collections grew by 19.3 per cent up to January 2018 to ₹6.95-lakh crore.

“This amounts to 69.2 per cent of the Revised Estimates of Direct Taxes for 2017-18 of ₹10.05 lakh crore,” said the Finance Ministry on Friday.

While net corporate income tax grew by 19.2 per cent, personal income tax receipts rose by 18.6 per cent in January this year. Gross tax collections also grew at a robust 13.3 per cent to ₹8.21-lakh crore between April 2017 and January 2018.

Refunds worth ₹1.26-lakh crore were issued between April 2017 and January 2018.

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

The Budget target for direct tax receipts was pegged at ₹9.8-lakh crore for 2017-18.

Target achievable: officials

Tax officials are confident of meeting the scaled up target, with improved collections in the last few months.

“The economy is showing signs of a revival, which is helping boost receipts, especially from the corporate sector,” said an official, adding that personal income tax collections have been on the upswing for some months.

The government had said that demonetisation helped bring more people into the tax net and also curbed tax evasion.

Published on February 09, 2018
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