The government on Monday said the direct tax collections net of refunds for the April-August period rose by 17.5% to Rs 2.24 lakh crore. In the first five months of the fiscal, the government has garnered 22.9% of the total budget estimates for direct tax collection for FY 18. The budget estimated Rs 9.8 lakh crore in revenue from direct taxes in the current fiscal. This is 15.3% higher than collections made in the last fiscal Moreover, the growth rate for corporate income tax (CIT) and personal income tax (PIT) collections in gross terms grew by 5% and 16% respectively. However, after adjusting for refunds, the net growth in CIT collections was 18.1% while that in PIT collections was 16.5%, CBDT said.
Additionally, refunds amounting to Rs 74,089 crore have been issued during the first five months which are 7.2% lower than the refunds issued during the corresponding period in the last fiscal.