Direct tax collection increases 16% in April-September period

Net Direct Tax Collection Up by 15.8% till September 2017 Good news for PM Modi & BJP Govt

The newly introduced methods seem to be working in the intended direction.

The finance ministry has today unveiled that the rate of direct tax collection has increased by around 16% in the first two quarters of the ongoing financial year.

India's fiscal first half direct tax collections surged 15.8% on-year to Rs 3.86 lakh crore, the government said on Wednesday. The net direct tax collection in the first half of FY17 grew almost 9% at 3.27 lakh crore. Refunds worth Rs 79,660 crore were given out during April-September and this amount was deducted from the gross collections to arrive at the net direct tax collections. Out of the total amount collected by the government, ₹1.77 lakh crores came as advance tax collection, showing an increase of 11.5% in the amount as compared to the figures of a year-ago period.

"It is relatively hard to evade the tax system with GST being introduced". Experts said that the increased tax collections bode well for the country's economy, as it shows the rising income level of people and corporates.

The Finance ministry's release last month for the April-August period had stated that the net corporate income tax collections grew 18.1% from the same period last year and gross collections grew 5% year-on-year. The net direct tax collection in the first half of FY18 witnessed a jump of almost 7% as compared to the same period last fiscal.

Refunds amounting to Rs 74,089 crore were issued during April-August, 7.2% lower than the corresponding period last financial year.

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