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Direct tax collection rises 15% in April-October 2017

KalingaTV News Network

Indian CurrencyNew Delhi: The government has collected Rs. 4.39 lakh crore in direct taxes, showing 15.2 per cent higher than the net collections on year-on-year, during the first seven months of the current fiscal.

The collection, which includes personal income tax and corporate tax, represents 44.8 per cent of the total budget estimates of Rs. 9.8 lakh crore in direct taxes for 2017-18.

“The provisional figures of Direct Tax collections up to October, 2017 show that net collections are at Rs. 4.39 lakh crore which is 15.2 per cent higher than the net collections for the corresponding period of last year,” a finance ministry statement said.

Gross collections (before adjusting for refunds) have increased 10.7 per cent to Rs. 5.28 lakh crore during April-October, 2017.

Refunds amounting to Rs. 89,507 crore were issued during the seven month period.