India’s net direct tax collection rises 19.4% yoy in April-January

NEW DELHI (Reuters) -The Indian government’s net direct tax collection has risen 19.4% year-on-year to 14.7 trillion rupees ($177.1 billion) in the ongoing financial year up to Jan. 10, according to a statement from the Ministry of Finance.

India’s financial year runs from April to March.

The direct tax collection from April 1-Jan. 10 has helped the government to achieve about 81% of the budget target of 18.2 trillion rupees.

The figure includes corporate tax and personal income tax, which grew 12.4% and 27.3% year-on-year, respectively, according to the statement. The government did not share the corporate and personal tax collection figures in absolute terms.

During the same period, the government’s gross tax collected, before adjusting for refunds, was 17.2 trillion rupees, about 17% higher than last year. It issued refunds worth 2.5 trillion rupees during the fiscal year, the statement said.

($1 = 83.0180 Indian rupees)

(Reporting by Nikunj Ohri;Editing by Andrew Cawthorne and Sharon Singleton)