Continuing its trend, the government’s revenue collection during April-February period of fiscal year 2017-18 has shown a healthy growth, on the back of a strong pick up in corporate tax collections. According to the Ministry of Finance, net direct tax collections up to February, 2018 stood at Rs 7.44 lakh crore, registering a growth of 19.5 percent higher than the net collections for the corresponding period of last year.
The collection indicated that 74.3 percent 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 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 11 months of the current financial year.
In the first 11 months of FY18, net corporate tax collections increased by 19.7 percent, while the personal income tax mop-up grew by 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.