Modi fear..Govt gets Rs 7440000000000 tax in 11 months

New Delhi, March 8 In line with the recent upward trend, India's direct tax collections for 11 months of the ongoing fiscal at a net of Rs 7.44 lakh crore grew at 19.5 percent over the corresponding period of 2016-17, according to figures released by the Finance Ministry on Thursday.

The net direct tax collections up to February represent 74.3 percent of the revised estimates of direct taxes for the financial year 2017-18 at Rs 10.05 lakh crore, the ministry said.

"Gross collections (before adjusting for refunds) have increased by 14.5 percent to Rs 8.83 lakh crore during April 2017 to February 2018," a statement said. 

"Refunds amounting to Rs 1.39 lakh crore have been issued during April 2017 to February 2018."

Providing a break-up of the composition, the ministry said the growth rate for net corporate tax collections during the period under consideration is 19.7 percent, while that for personal income tax is 18.6 percent.

In this connection, presenting the budget for the next fiscal last month, Finance Minister Arun Jaitley made a significant announcement of fiscal slippage with implications for pushing inflation, revising upwards the government's fiscal deficit target for 2017-18 to 3.5 percent of the GDP, or the equivalent of Rs 5.95 lakh crore. 

The higher target came in place of the 3.2 percent -- or Rs 5.46 lakh crore -- for the current fiscal announced earlier.