Direct Tax collections in the first five months of the current fiscal grew 17.5 percent to Rs 2.24 lakh crore, mainly on account of income tax mop-up from individuals.
This is 22.9 percent of the total budget estimates of direct taxes, which comprise personal income and corporate tax, for the current financial year.
The government estimates to collect Rs 9.80 lakh crore from direct taxes in the current fiscal.
“The direct tax collections up to August 2017 continue to register steady growth. Direct Tax collection, net of refunds, stands at Rs 2.24 lakh crore which is 17.5 percent higher than the net collections for the corresponding period of last year,” a finance ministry statement said.
Read more: Direct tax collection up 19 percent in April-July at Rs 1.90 lakh cr
In terms of gross revenue collections, personal income tax collections (including Securities Transaction Tax) rose 16%, while corporate tax mop-up grew 5 percent
Refunds amounting to Rs 74,089 crore have been issued during April-August 2017 which are 7.2 percent lower than the refunds issued during the corresponding period last fiscal.
After adjusting for refunds, the net growth in corporate tax collections was 18.1 percent while that in income tax collections was 16.5 percent
In the April-August period last fiscal, 2016-17, the direct tax collection had grown 15.03 percent to Rs 1.89 lakh crore.