Direct tax collection rises 19.5 pc to Rs 7.44 lakh cr in April-Feb
New Delhi: The Direct Tax collection has risen 19.5 per cent to Rs 7.44 lakh crore in the April-February period of the current fiscal, buoyed by a strong pick up in corporate tax.
The net direct tax collection represents 74.3 per cent of the Rs 10.05 lakh crore as per the revised estimates given in Union Budget 2018-19, presented in Parliament last month. “The provisional figures of direct tax collections up to February, 2018 show that net collections are at Rs 7.44 lakh crore which is 19.5 per cent higher than the net collections for the corresponding period of last year,” a finance ministry statement said.
The gross collections, before adjusting for refunds, rose 14.5 per cent to Rs 8.83 lakh crore during 11 month period of the current financial year. Refunds amounting to Rs 1.39 lakh crore have been issued till February.
The growth rate for net corporate tax collections stood at 19.7 per cent while for personal income tax is 18.6 per cent.