Net direct tax collections jumped by 18 per cent to Rs43,391 crore during the first two months of the current fiscal, the Government said on Friday.
“The net direct tax collection for the first two months of the current year is Rs43,391 crore, which indicates a growth rate of 18 per cent,” Revenue Secretary Hasmukh Adhia said in a series of tweets. The indirect tax growth rate for April-May FY17 is 36.7 per cents with ARM and 14 per cent without ARM. “However in case of direct taxes, the trend can only be visible after June when advance tax installment falls due,” Adhia added.
Direct tax collection, which includes corporation tax, income tax and wealth tax, is estimated to rise 12.64 per cent to Rs8,47,097 crore this year from Rs7,52,021 crore in 2015-16. In another tweet, Adhia said as against the Budget Estimate (BE) of Rs7.78 lakh crore for the indirect tax for current fiscal year, the net collection up to May was Rs1.31 lakh crore, which is 16.8 per cent of BE.