According to data released by finance ministry, the net Direct Tax collections represent 74.3% of the Revised Estimates of Direct Taxes for the Financial Year 2017-18 which stand at Rs. 10.05 lakh crore.
Gross collections (before adjusting for refunds) have increased by 14.5% to Rs.8.83 lakh crore during April 2017 to February 2018. 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% and for Personal Income Tax (PIT) is 18.6%.
Direct tax receipts showed strong growth as the government added more taxpayers and employed intensive data analysis to check evasion. In the current fiscal, total direct tax receipts are projected to account for more than half of the government’s total tax revenue while indirect tax receipts from Goods and Services Tax (GST) suffered on account of tax rate cuts and compliance challenges.