Direct tax collections are set to record a whopping 19.5 percent increase in 2017-18. The provisional figures released by the government show the increase in the period till February 2018, Rs 7.44 lakh crore.
The sharp increase in direct tax collections seem to have been driven by the net collections of income tax - both personal and corporate. While the net collection of income tax from individuals grew 18.6 percent, corporate income tax collections rose 19.7 percent.
"The net Direct Tax collections represent 74.3% of the Revised Estimates of Direct Taxes for the Financial Year 2017-18 which stand at Rs. 10.05 lakh crore," read a statement from the government.
The statement also said that gross collections - before refunds - rose 14.5 percent to Rs 8.83 lakh in the period from April 2017 to February 2018. The refunds for this period were estimated at Rs.1.39 lakh crore.