Direct tax collection up 19% at Rs 6.89 lakh cr

Tribune News Service

New Delhi, January 17

The government today said there has been consistent and significant improvement in the position of direct tax collection during the current fiscal across all parameters.

The Central Board of Direct Taxes said provisional figures of direct tax collection up to January 15 show that net collection is Rs 6.89 lakh crore, 18.7% higher in the corresponding period previous year.

The collection till January 15 represents over 70% of the Rs 9.8 lakh crore revenue target from the direct taxes.

Gross collection (before adjusting for refunds) has increased by 13.5% to Rs 8.11 lakh crore between April 2017 and January 15. Refunds amounting to Rs 1.22 lakh crore have been issued during this period.

Claiming that there has been “consistent and significant” improvement in the position of direct tax collection during the current fiscal, the CBDT said the growth rate of total gross collection has improved from 10% in Q1 to 10.3% in Q2, to 12.6% in Q3 and 13.5% as on January 15.

The growth has been particularly good in the collections under Corporate Income Tax, the CBDT said.