Net direct tax collections up to November, at ₹4.8 lakh crore, were 14.4% higher than they were in the same period of the previous financial year, according to official data released by the government on Saturday.
“The provisional figures of direct tax collections up to November 2017 show that net collections are at ₹4.8 lakh crore which is 14.4% higher than the net collections for the corresponding period of last year,” the government said in a release. “The net direct tax collections represent 49% of the total Budget Estimates of direct taxes for financial year 2017-18 (₹9.8 lakh crore).”
In other words, the government has earned less than half of its full year target in the first eight months of the financial year. This is, however, in line with the trend seen in the previous financial year, where the same period saw 48.7% of the budgeted amount being collected. “Gross collections (before adjusting for refunds) have increased by 10.7% to ₹5.82 lakh crore during April-November 2017,” the release said. “Refunds amounting to ₹1.02 lakh crore have been issued during April 2017 to November 2017.