Direct Tax Collections In Current Fiscal Grow 17.5%

Refunds worth Rs 74,089 crore were issued during April 2017 to August 2017.

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Direct Tax Collections In Current Fiscal Grow 17.5%

After adjusting for refunds, the net growth in corporate income tax collections is 18.1%.

Direct Tax Collections in the current fiscal up to August 2017 grew 17.5 per cent to Rs 2.24 lakh crore, the government said today. This is 22.9 per cent of the total budget estimates of direct taxes, which comprise personal income and corporate tax, for the financial year 2017-18, the Ministry of Finance (MoF) said on microblogging site Twitter.
 
 
 
 
 
  The government estimates to collect Rs 9.80 lakh crore from direct taxes in the current fiscal.

"The Direct Tax Collections up to August 2017 in the current financial year 2017-18 continue to register a steady growth. Direct Tax collections, net of refunds, stands at Rs. 2.24 lakh crore which is 17.5 per cent higher than the net collections for the corresponding period of last year. This collection is 22.9 per cent of the total budget estimates of direct taxes for the financial year 2017-18," said an MoF statement.  

Refunds worth Rs 74,089 crore were issued during April 2017 to August 2017 which are 7.2 per cent lower than the refunds issued during the same period last year.

After adjusting for refunds, the net growth in corporate income tax collections is 18.1 per cent while that in personal income tax collections is 16.5 per cent.

In the April-August period last fiscal, 2016-17, the direct tax collection had grown 15.03 per cent to Rs 1.89 lakh crore. (With PTI Inputs)

 

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