Direct tax collection show growth of 19.5 percent till February

Provisional figures of direct tax collections up to February 2018 show net collections at Rs.7.44 lakh crore.

This is 19.5 percent higher than net collections for the corresponding period last year, the Central Board of Direct Taxes (CBDT) said in a statement on Thursday.

It said that the net direct tax collections represent a 74.3 percent of the revised estimates of direct taxes for financial year 2017-18 (Rs. 10.05 lakh crore).

Gross collections (before adjusting for refunds) have increased by 14.5 percent to Rs.8.83 lakh crore during the period April 2017 to February 2018. Refunds amounting to Rs.1.39 lakh crore have been issued during April 2017 to February 2018.

The growth rate for net collections for Corporate Income Tax (CIT) is 19.7 percent and for Personal Income Tax (PIT) is 18.6 percent.