New Delhi: Direct Tax collections in the first five months of the current fiscal grew 17.5 per cent to Rs 2.24 lakh crore, mainly on account of income tax mop-up from individuals.
This is 22.9 per cent of the total budget estimates of direct taxes, which comprise personal income and corporate tax, for the current financial year. The government estimates to collect Rs 9.80 lakh crore from direct taxes in the current fiscal.
"The direct tax collections up to August 2017 continue to register steady growth. Direct Tax collection, net of refunds, stands at Rs 2.24 lakh crore which is 17.5 per cent higher than the net collections for the corresponding period of last year," a finance ministry statement said.
In terms of gross revenue collections, personal income tax collections (including Securities Transaction Tax) rose 16 per cent, while corporate tax mop-up grew 5 per cent. Refunds amounting to Rs 74,089 crore have been issued during April-August 2017 which are 7.2 per cent lower than the refunds issued during the corresponding period last fiscal.
After adjusting for refunds, the net growth in corporate tax collections was 18.1 per cent while that in income tax collections was 16.5 per cent.
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.