India’s direct tax collections grow at 6.6pc

4 September, 2018 12:00 AM printer

NEW DELHI: The government might be talking about the surge in filing of Income Tax returns till the August 31 deadline, but direct tax collection data available so far are unlikely to bring a loud cheer.

The numbers released by the Controller General of Accounts (CGA) on Friday revealed that direct tax collections grew by a meagre 6.6 per cent during April-July of the current financial year against the Budget target of 14.4 per cent for 2018-19. The growth was the lowest when compared with corresponding periods of the past three years, report agencies.

Corporation taxes, in particular, disappointed the exchequer. These collections grew at just 0.57 per cent, the lowest in the first four months in at least seven years. Corporation taxes are budgeted to yield 10.15 per cent more revenues to the coffers at Rs 6,210 billion in FY2019 against Rs 5,637.45 billion in the previous year.