Direct tax collections surge by 19 per cent in April-July: Finance ministry
The Government of India has garnered over Rs 1.90 lakh crore in direct tax till July in the current FY18, representing a growth of 19.1%, which is a substantial rise from the earlier numbers.
"Direct tax collections up to July, 2017 continue to register steady growth. Direct tax collections, net of refunds, stand at Rs 1.90 lakh crore," Finance Ministry said in a tweet. This direct tax collection is 19.5 per cent of the total budget estimates of direct taxes for the current financial year 2017-18, the finance ministry further informed.
"Growth rate during this period for corporate income tax is 7.2 per cent while that for personal income tax including STT is 17.5 per cent," it said. However, after adjusting for refunds, the net growth in corporate income tax collections is 23.2 per cent while that in personal income tax collections is 15.7 per cent.
Refunds of Rs 61,920 crore have been issued during April, 2017 to July, 2017; 5.1 per cent lower than refunds issued in same period in FY 2016-17. Last week Finance Minister Arun Jaitley had appealed to traders to pass on benefit of input tax credit and the consequent lowered rates to the consumers at large.