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Direct tax collections in India go through the roof
Do you know? Direct tax collections in India, for the financial year 2017-2018 have shown an upward growth of 19.3 per cent up to January 2018. This is highly phenomenal in deed.

The provisional figures of direct tax collections up to January 2018 (as released by finance ministry) show that net collections are at Rs 6.95 lakh crore which is 19.3 per cent higher than the net collections for the corresponding period of last year. This is an upward growth as per finance ministry's press release dated 09.02.2018. 

Statistically speaking, the net direct tax collections represent 69.2 per cent of the revised estimates of direct taxes for the financial year 2017-18 (Rs 10.05 lakh crore). 

The gross collections of direct taxes (before adjusting for refunds) have increased by 13.3 per cent to Rs 8.21 lakh crore during April 2017 to January 2018. 

Refunds of direct taxes amounting to Rs 1.26 lakh crore have been issued during April 2017 to January 2018. 

The growth rate for net collections for corporate income tax (CIT) is 19.2 per cent and for Personal Income Tax (PIT) is 18.6 per cent. 

All the above data as released by the finance ministry, confirms a very good collection from Indian taxpayers (direct) during the first ten months of financial year 2017-2018. Still a period of two months to go and the government is poised to reap good tax collections before the closing of the tax year.

Anyway, the duty of a good government does not end with huge collection of taxes. There must be an optimal philosophy of taxation for the benefit of both the taxmen and the taxpayers. As kavi Kalidas says in Raghuvansh, "It is only for the good of his subjects that the King collects taxes from them, just as the Sun draws moisture from the Earth to give it back a thousand fold". 

In this scenario, one big question now arises in the minds of many. Will the entire amount of tax collected be utilised effectively in public interest? It's for the tax collectors to reply! 

(V S Vadivel Chartered Accountant is also an eminent author, notable academician and socio-economic thinker)

Editorial NOTE: This article is categorized under Opinion Section. The views expressed in this article are solely those of the author and do not necessarily represent the views of merinews.com. In case you have a opposing view, please click here to share the same in the comments section.
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