Direct tax revenue up 17.5% at Rs 2.24 lakh cr in April-August

New Delhi: Direct Tax collection in the first five months of the current fiscal grew 17.5% to Rs 2.24 lakh crore, mainly on account of income tax mop-up from individuals. This is 22.9% 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 collection up to August 2017 continues to register steady growth. Direct tax collection, net of refunds, stands at Rs 2.24 lakh crore which is 17.5% higher than the net collection for the corresponding period of last year,” a Finance Ministry statement said. In terms of gross revenue collection, personal income tax collection (including Securities Transaction Tax) rose 16%, while corporate tax mop-up grew 5%. Refunds amounting to Rs 74,089 crore have been issued during April-August 2017 which are 7.2% 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% while that in income tax collections was 16.5%. TNS