Direct tax collection for FY 2017-18 sees 19.3 percent growth

The provisional figures of direct tax collections up to January, 2018 have reported an increase in the net collection by 19.3 percent compared to that of the corresponding period last year.

An official release from the Central Board of Direct Taxes (CBDT) noted that the net collection for the current fiscal was Rs 6.95 lakh crore, up from Rs. 6.89 lakh crore reported last month.

The net direct tax collections represent 69.2 percent of the revised estimates of direct taxes for FY 2017-18, amounting to Rs. 10.05 lakh crore.

The CBDT further states that gross collections, before adjusting for refunds, increased by 13.3 percent to Rs. 8.21 lakh crore during April 2017 to January 2018.

Furthermore, refunds amounting to Rs. 1.26 lakh crore were issued during April 2017 to January 2018, the CBDT said.

Meanwhile, the growth rate for net collections for Corporate Income Tax (CIT) is 19.2 percent, along with 18.6 percent hike in Personal Income Tax (PIT).