Direct tax collections up 17.5 pct in April-August

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New Delhi | Published: September 12, 2017 7:40:30 AM

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.

direct tax collection, direct tax collection news, v data, direct tax collection stats, direct tax collection indiaThe budget estimated Rs 9.8 lakh crore in revenue from direct taxes in the current fiscal.

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.

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