The government’s direct tax collections grew 19.1 per cent in April-July, the first four months of this financial year, to Rs 1.90 lakh crore. The direct taxes collected during these four months account for 19.5 per cent of the total budget estimate of direct taxes for the financial year 2017-18, the Central Board of Direct Taxes (CBDT) said in a statement.
“The direct tax collections up to July, 2017 in the current financial year 2017-18 continue to register steady growth. Direct tax collection during the said period, net of refunds, stands at Rs 1.90 lakh crore which is 19.1 per cent higher than the net collections for the corresponding period of last year. This collection is 19.5 per cent of the total budget estimates of direct taxes for the financial year 2017-18,” the statement said.
The gross collections from corporate income tax recorded a growth rate of 7.2 per cent, while personal income tax (including STT) collection grew 17.5 per cent. However, after adjusting for refunds, the net growth in corporate income tax collections was 23.2 per cent during April-July, while that for personal income tax collections was 15.7 per cent, it said.
Refunds of Rs 61,920 crore were issued during April-July, 5.1 per cent lower than the refunds issued during the corresponding period of last financial year, the statement said.
Earlier this week, the government released the data for the number of tax returns filed as on August 5 this year, which reflected a rise in number of ITR filed following demonetisation of Rs 500 and Rs 1,000 notes in November last year. Income tax returns filed rose 24.7 per cent year-on-year to 2.83 crore returns as on August 5 this year as against 2.27 crore returns filed during the corresponding period last year. The number of I-T returns filed by individuals (that account for 98.7 per cent of total ITR) jumped 25.3 per cent from last year to 2.79 crore returns filed up to August 5 as against 2.23 crore returns in the corresponding period last year.
“This clearly shows that a substantial number of new tax payers have been brought into the tax net subsequent to demonetisation,” the CBDT had said in a statement. Direct tax collections in 2016-17 had stood at Rs 8,49,818 crore, 14.5 per cent higher than the previous year.