New Delhi: Direct Tax collections in the first eight months of the current fiscal grew 14.4 percent to Rs 4.8 lakh crore, mainly on account of income tax mop-up from individuals.
The government estimates to collect Rs 9.80 lakh crore from direct taxes in the current fiscal.
“The provisional figures of Direct Tax collections up to November, 2017 show that net collections are at Rs. 4.8 lakh crore which is 14.4% higher than the net collections for the corresponding period of last year,” the government said.
The collection, which includes personal income tax and corporate tax, represents 49 percent of the total budget estimates of Rs 9.8 lakh crore in direct taxes for 2017-18.
In the April-November period last fiscal, the Union government’s revenue collection saw indirect tax-mop up growing at an impressive 26.2 percent while that of direct tax came in at 15.12 percent.
Gross collections (before adjusting for refunds) have increased 10.7 percent to Rs. 5.82 lakh crore during April-November, 2017.
Refunds amounting to Rs 1.02 lakh crore have been issued during the same period, data released by Central Board of Direct Taxes (CBDT) showed.