Business & Economy

Direct Tax collections for FY 2017-2018 up 19.5% up to February, 2018

NetIndian News Network

New Delhi, March 9, 2018

Net collections of Direct Taxes went up by 19.5 percent to Rs. 7.44 lakh crore up to February, 2018 as compared to the corresponding period of last year, provisional data released here yesterday said.
The net Direct Tax collections represent 74.3% of the Revised Estimates of Direct Taxes for the financial year 2017-18, which stand at Rs. 10.05 lakh crore, an official press release said, citing the data.
Gross collections (before adjusting for refunds) increased by 14.5% to Rs. 8.83 lakh crore during April 2017 to February 2018. Refunds amounting to Rs.1.39 lakh crore were issued during this period, it said.
The growth rate for net collections for Corporate Income Tax (CIT) is 19.7% and for Personal Income Tax (PIT) is 18.6%, the release added.
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