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Direct tax collections up 19 per cent: Finance Ministry

IANS | New Delhi |

Direct tax collections in the current fiscal, up to January, have risen to Rs 6.95 lakh crore, which is up 19.3 per cent over the same period last year, the Finance Ministry announced on Friday.

The growth rate for net collections for corporate income tax is 19.2 per cent and for personal income tax is 18.6 per cent, as per the provisional figures issued by the ministry.

The net direct tax collections of Rs 6.95 lakh crore represent 69.2 per cent of the revised estimates of direct taxes for fiscal 2017-18, which is Rs 10.05 lakh crore.

Accounting for refunds amounting to Rs 1.26 lakh crore issued between April 2017 and January 2018, the gross direct tax collections have increased by 13.3 per cent to Rs 8.21 lakh crore in the 10-month period.