Direct tax collections for FY 2017-18 up by 15.8 percent

Angelo Anderson
October 12, 2017

Finance Minister Arun Jaitley along with Prime Minister Narendra Modi have been harping on the need to increase tax collections by reducing defaulters. The total amount of direct tax collected in the said period totals to INR 3.86 lakh crores. Gross collections (before adjusting for refunds) increased by 10.3 percent to Rs. 4.66 lakh crore during April to September, 2017.

A Central Board of Direct Taxes (CBDT) statement here said the collections for the period April-September amount to 39.4 per cent of the total budget estimates of direct taxes for the current financial year. The net direct tax collection in the first half of FY17 grew almost 9% at 3.27 lakh crore. At the end of September, the growth in advance tax collections was estimated at 11.5%, compared to 11.9% by June-end, the quarter in which growth moderated to a three-year low of 5.7%. Growth has also been witnessed in Corporate Income Tax (CIT) and Personal Income Tax (PIT).

"It is relatively hard to evade the tax system with GST being introduced".

The 15.8 percent growth in net direct tax collections is in comparison to the figure in the year ago period. Experts said that the increased tax collections bode well for the country's economy, as it shows the rising income level of people and corporates. The net direct tax collection in the first half of FY18 witnessed a jump of almost 7% as compared to the same period last fiscal.

Refunds worth ₹79,660 crore have been issued during that period.

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