Direct tax collection picks up 18% to Rs 43,391 crore in Apr-May

What comes out as a good news for the economy, a jump of 18 percent to Rs 43,391 crore was registered in net direct tax collections during the first two months of the current fiscal, the government said on Friday.

Last Updated: Jun 10, 2016, 18:55 PM IST
Direct tax collection picks up 18% to Rs 43,391 crore in Apr-May

Zee Media Bureau

New Delhi: What comes out as a good news for the economy, a jump of 18 percent to Rs 43,391 crore was registered in net direct tax collections 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 Rs 43,391 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 Rs 8,47,097 crore this year from Rs 7,52,021 crore in 2015-16.

In another tweet, Adhia said as against the Budget Estimate (BE) of Rs 7.78 lakh crore for the indirect tax for current fiscal year, the net collection up to May was Rs 1.31 lakh crore, which is 16.8 per cent of BE.

(With PTI inputs)