DIRECT TAX KITTY UP BY 19% IN 9 MONTHS

New Delhi, Feb. 9: The government’s direct tax kitty swelled to ` 6.95 lakh crore during the April- January period of the current fiscal, a growth of 19.3 per cent over the year- ago period.

The net direct tax collections represent 69.2 per cent of the revised estimates of ` 10.05 lakh crore for direct taxes in 2017- 18. “The provisional figures of direct tax collections up to January, 2018 show that net collections are at ` 6.95 lakh crore which is 19.3 per cent higher than the net collections for the corresponding period of last year,” a finance ministry statement said.

The net collections for Corporate Income Tax ( CIT) showed a growth of 19.2 per cent and for Personal Income Tax ( PIT) at 18.6 per cent.

Refunds amounting to ` 1.26 lakh crore have been issued during 10month period of the current fiscal.

Meanwhile, finance minister Arun Jaitley will address the boards of the Reserve Bank and markets regulator Sebi on Saturday, highlighting various financial sector reforms announced in the Union Budget 2018- 19.

He may also take up the issue of additional ` 13,000 crore dividend to be transferred by RBI to the government in Mumbai. The customary post- budget meeting is taking place this time against the backdrop of hardening bond yield and apprehensions that interest rates may rise.