Indian rupee notes and coins displayed in Mumbai, India (Photographer: Santosh Verma/ BloombergNews)

Direct Tax Collection Rises 17.5% In April-August

The government direct tax revenue rose 17.5 percent to Rs 2.24 lakh crore in the April-August period, the Central Board of Direct Taxes said in a statement.

With this, the government has managed to collect 22.9 percent of the total Budget estimate for direct tax, which comprise personal income and corporate tax, for financial year 2017-18. Direct tax collection target for fiscal year 2017-18 is Rs 9.78 lakh crore.

The gross corporate income tax increased 5 percent while personal income tax (including securities transaction tax) rose 16 percent for the period.

Refunds amounting to Rs 74,089 crore have been issued during April-August 2017 which are 7.2 percent lower than the refunds issued during the corresponding period last fiscal.

Adjusting for these refunds, the net growth in corporate tax collections was 18.1 percent while that in income tax collections stood at 16.5 percent.

In the April-August period last fiscal, 2016-17, the direct tax collection had grown 15.03 per cent to Rs 1.89 lakh crore.