The government’s revenue collection continued to register a steady growth in the April-January period, on the back of healthy growth in corporate tax collections. According to the Ministry of Finance, net direct tax collections up to January, 2018 stood at Rs 6.95 lakh crore, registering a growth of 19.3 per cent higher than the net collections for the corresponding period of last year.
The collection indicated that 69.2% of the Revised Estimates of Direct Taxes for FY 2017-18 (Rs 10.05 lakh crore) has been achieved. Before adjusting for refunds, gross collections surged 13.3% to Rs 8.21 lakh crore up to January, 2018. Further, refunds amounting to Rs 1.26 lakh crore have been issued during April 2017 to January 2018.
In the first 10 months of FY18, net corporate tax collections increased by 19.2 percent, while the personal income tax mop-up grew 18.6 percent. Meanwhile, in Union Budget 2018-19, the government revised the target for 2017-18 upwards from the budgeted Rs 9.8 lakh crore to Rs 10.05 lakh crore.