Economy

Budget 2018: Direct Tax Collections Rise Over 18% In April-December

Budget 2018: Direct Tax Collections Rise Over 18% In April-December

Direct-tax collections during the nine months have jumped 18.2% as the government struggles to meet the fiscal deficit target amid a massive drop in tax collections after the GST rollout.

The direct tax collections has surged by 18.2% to Rs.6.56 lakh crore during April to December period of current financial year as compared to the same period a year ago.

Official data released on Tuesday showed that direct tax collections shot up by 18.2 per cent in the April-December 2017 period to ₹6.56-lakh crore. "The net direct tax collections represent 67% of the total Budget Estimates of direct taxes for financial year 2017-18 (Rs. 9.8 lakh crore)". Direct taxes are made up of income tax paid by individuals, wealth tax and corporation tax paid by companies.

Out of the total net tax collected, Rs 3.18 lakh crore was received as advance tax up to December, a growth of 12.7 per cent. "Moreover, such increase in personal tax could be the result of simplification in the compliance processes for small business entities and increasing the threshold limit for opting the Presumptive Taxation Scheme under income tax and the composition scheme under GST".

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Gross tax collected by the government before adjusting for refunds during the same period was Rs 7.68 lakh crore, about 12.6 per cent higher than a year ago.

"As on date we have collected almost Rs 29,000 crore", Maheshwari said.

"In December 2017, the CBDT (Central Board of Direct Taxes) had issued instructions to step up efforts in tax collection by pursuing tax arrears and expediting even non-time barring cases where there was a possibility of raising tax demand", said Shefali Goradia, partner at Deloitte India.

Previous year in July, India overhauled its taxation system by introducing GST for indirect tax collections.


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