Breaking News

You are here » Indian-Commodity  :  Economy  :  Direct tax collection sees over 19% growth in April-January

12-Feb2018

Direct tax collection sees over 19% growth in April-January

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.


Related News

View all news

Bank credit growth increases 14.5%, deposits up 9.63%

The Reserve Bank of India (RBI) in its latest report has showed that bank credit growth increased by 14.5 percent at Rs 94.29 lakh crore, while deposits grew at a tepid 9.63 percent to Rs 121.22 lakh crore......

Direct tax collection stands at Rs 7.89 lakh crore in April-January of FY19

Net direct tax collection stood at Rs 7,88,930 crore in the April-January period of current fiscal (2018-19). The Minister of State for Finance Shiv Pratap Shukla has said there were 9.92 crore direct......

Rate cut by RBI to boost economy, make loan affordable to small businesses: Goyal

After the Reserve Bank of India (RBI) cut repo rate in its latest bi-monthly policy, Finance Minister Piyush Goyal has said the RBI's this move will give a boost to the economy by providing affordable......

Top News

View all news

Kridhan Infra's arm bags order worth $36 Million

Kridhan Infra's (KIL) Singapore subsidiary -- KH Foges has bagged a new order in Singapore worth $36 Million (Rs 187 Crore). The subsidiary has been contracted to execute Piling Works & Earthworks......

Bharti Airtel upgrades 4G network in Mumbai

Bharti Airtel has upgraded 4G network in Mumbai, with the deployment of 'LTE 900 technology' that will enhance indoor network coverage and improve network experience for customers.With the roll-out of......

Refex Industries to raise Rs 25 crore via Rights Issue

Refex Industries has received approval to raise of funds by way of offer and issue of Equity Shares to the Members of the Company on Rights Issue at such price and rights entitlement ratio for an amount......