Direct tax collection growth fastest since 2013-14

The biggest collection was seen in ‘other direct taxes’, growing 1,348 per cent to Rs 15,624 crore.

The government has collected Rs 8.5 lakh crore as income tax on individuals and businesses, in 2016-17, according to an estimate by the income tax (I-T) department. 
 
The collection was 14.5 per cent higher as compared to the previous fiscal, the highest growth since 2013-14
 
The personal income taxes grew 21.4 per cent, while taxes on corporate incomes rose at a slow 7 per cent.
 
The biggest collection was seen in ‘other direct taxes’, growing 1,348 per cent to Rs 15,624 crore. 
 
The ‘other direct taxes’ include collections on account of Income Declaration Scheme 2016 and Pradhan Mantri Garib Kalyan Yojana 2016.
 
However, the share of direct tax collection (49.7 per cent) in total tax collection in 2016-17 has fallen below 50 per cent for the first time in 10 years. 
 
On the contrary, the growth was well above 50 per cent between 2007-08 and 2015-16.
 
The contraction may be attributed to increase in collection under service tax.
 
Source: Media reports
 

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