The provisional figures of direct tax collections up to February 2018 show that net collections are at Rs. 7.44 lakh crore, which is 19.5 percent higher than the net collections for the corresponding period of last year, as per a statement from the Ministry of Finance.
The net direct tax collections represent 74.3 percent of the revised estimates of direct taxes for F.Y. 2017-18 (Rs. 10.05 lakh crore).
The gross collections (before adjusting for refunds) have increased by 14.5 percent to Rs.8.83 lakh crore during April 2017 to February 2018.
Further. 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.
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