According to official data released, net direct tax collections up to January 2018 grew 19.3% to Rs6.95 lakh crore compared with the same period of the previous financial year.
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Corporate tax collections, on a net basis, recorded a double-digit growth of 19.2 per cent during April-January this fiscal as against 2.9 per cent growth seen in the same period last year.
The net direct tax collections for April-January this year represent 69.2 per cent of the revised estimates of direct taxes at Rs 10.05 lakh crore, tax department said.
Gross collections, before adjusting for refunds, increased by 13.3 per cent to Rs 8.21 lakh crore during April-January.
The growth rate for personal income tax was slower this year, recording 18.6 per cent growth during April-January this year. In the same period last year, personal income tax collections had recorded a growth of 23.1 per cent.
Tax experts attributed the rise in collections to data collection exercise of cash deposits carried out by the tax department after demonetisation as well as the rollout of GST.
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