Direct Tax Collection Jumps 19 Per Cent To Rs 6.89 Lakh Crore, Grows At Fastest Pace In Four Years

Net direct tax collections during the first nine-and-a-half months of the fiscal year 2017-18 rose nearly 19 percent to Rs 6.89 lakh, Business Standard has reported.

The gross collections (before adjusting for refunds) increased by 13.5 percent to Rs 8.11 lakh crore between April 2017 and January 2018. During this period, refunds amounting to Rs 1.22 lakh crore were issued.

With the increase in net direct tax collections, the government has achieved about 70 percent of its Rs 9.8 lakh crore target set in the Budget for the current fiscal.

According to Bloomberg, the collection grew at its fastest pace in the last four years. Between April 2014 and January 2015, net direct tax collection had increased by 6.2 percent to Rs 4.74 lakh crore.

Measures such as demonetisation and reforms such as the Goods and Services Tax have widened the government’s tax base, the Bloomberg report said.