Direct Tax collections at 6.89 lakh crore as on 15th Jan

income-tax-committee
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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. 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 from 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 a 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 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.