Direct Tax Mop-up Rises 19% in Q1
New Delhi: The government’s direct taxes grew at a healthy pace in the first four months of the current fiscal, riding on robust personal tax collections.
Direct tax collection, net of refunds, rose 19.1% in April-July to .₹ 1.9 lakh crore, data released by the finance ministry on Wednesday showed. “This collection is 19.5% of the total budget estimates of direct taxes for the financial year 2017-18,” the ministry said in a statement. Corporate income tax rose 7.2% in this period, while personal income tax increased by 17.5%.
After adjusting for refunds, the net growth in corporate tax collections is 23.2%.