Refunds of ₹1.26 lakh cr. made: govt.
Net direct tax collections up to January 2018 grew 19.3% to ₹6.95 lakh crore compared with the same period of the previous financial year, according to official data released on Friday.
“The net direct tax collections represent 69.2% of the Revised Estimates of direct taxes for FY 2017-18 [₹10.05 lakh crore],” the government said. “Gross collections (before adjusting for refunds) have increased by 13.3% to ₹8.21 lakh crore during April 2017 to January 2018.”
The government said it had issued refunds amounting to ₹1.26 lakh crore during April 2017 to January 2018.
Within direct taxes, net corporate tax collections grew 19.2% and net personal income tax collections grew 18.6%.
“This jump can be attributed to the massive information collected by the tax officers through data analytics post cash deposits post demonetisation of ₹500 and ₹1,000 currency notes,” Daksha Baxi, executive director, Khaitan & Co, said.
“They followed up on this information with tax payers. This can also be attributed to the roll-out of GST. GST registration by small enterprises became beneficial to them, especially when they are providing goods and services to large organisations which insist on GST registration.”