Direct Tax Collections touch nearly 45% of FY18 Budget Estimates

The Central Board of Direct Tax (CBDT) on Tuesday highlighted that between April - October 2017, India's net direct tax collections rose by 15.2% to Rs 4.39 lakh crore compared to the  collections for the corresponding period of the previous year. 

Gross collections (before adjusting for refunds) have increased by 10.7% to Rs 5.28 lakh crore during April-October, 2017.

Refunds amounted to Rs 89,500 crore during the period. 

With this, net direct tax collections have reached 44.8% of the total budget estimates for the current fiscal year 2017-18 (FY18) - which is set at Rs 9.8 lakh crore. 

In an conference held on Tuesday, the Union Finance Minister Arun Jaitley stated that the IT Department has taken action against more than 1150 shell companies - which was used as a channel to launder more than Rs 13,300 crore.