NewDelhi : Provisional figures of Direct Tax collections up to 15th January, 2018 show that net collections are at Rs. 6.89 lakh crore which is 18.7% higher than the net collections for the corresponding period of last year, according to the data released by the Finance Ministry. The net Direct Tax collections represent 70.3% of the total Budget Estimates of Direct Taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore). Gross collections (before adjusting for refunds) have increased by 13.5% to Rs. 8.11 lakh crore during April, 2017 to 15th January, 2018. Refunds amounting to Rs.1.22 lakh crore have been issued during April, 2017 to 15th January, 2018.
“There has been consistent and significant improvement in the position of Direct Tax collections during the current fiscal across all parameters. The growth rate of Total Gross DT Collections has improved from 10.0% in Q1, to 10.3% in Q2, to 12.6% in Q3 and to 13.5% as on 15th January, 2018. Similarly, the growth rate of Total Net DT Collections has climbed up from 14.8% in Q1, to 15.8% in Q2, to 18.2% in Q3 and to 18.7% as on 15th January, 2018” the Ministry said.
The growth has been particularly good in the collections under Corporate Income Tax (CIT). Gross CIT Collections, which were growing at the rate of 4.8% in Q1, attained a growth rate of 5.1% in Q2, 10.1% in Q3 and 11.4% as on 15th January, 2018. Similarly, the growth rate of Net CIT Collections increased from 10.8% in Q2, to 17.4% in Q3 and to 18.2% as on 15th January, 2018.