The provisional figures of Direct Tax collections up to February, 2018 show that net collections are at Rs.7.44 lakh crore which is 19.5% higher than the net collections for the corresponding period of last year. The net Direct Tax collections represent 74.3% of the Revised Estimates of Direct Taxes for F.Y. 2017-18 (Rs. 10.05 lakh crore). Gross collections (before adjusting for refunds) have increased by 14.5% to Rs.8.83 lakh crore during April 2017 to February 2018. Refunds amounting to Rs.1.39 lakh crore have been issued during April 2017 to February 2018.

The growth rate for net collections for Corporate Income Tax (CIT) is 19.7% and for Personal Income Tax (PIT) is 18.6%.

Direct tax collections growth indicates strengthened net receipts and significant refunds issued during the fiscal year to date. Direct tax receipts for the fiscal year to date show substantial year-on-year growth and represent a large proportion of the Revised Estimates; gross collections have increased while significant refunds paid during the period have materially affected net collections.