Direct tax collections rise 18.2pc in Apr-Dec

Team Udayavani, Jan 9, 2018, 12:53 PM IST

New Delhi: Direct tax collections soared 18.2 percent during the first nine months of current fiscal at Rs 6.56 lakh crore, the finance ministry said today.

In a statement, the ministry said provisional numbers for direct taxes collections showed an 18.2 percent growth during April-December.

Direct taxes are made up of income tax paid by individuals, wealth tax and corporation tax paid by companies.

“The net direct tax collections represent 67 percent of the total Budget Estimates of direct taxes for FY2017-18 (Rs 9.8 lakh crore),” the statement said.

Gross collections (before adjusting for refunds) have increased by 12.6 percent to Rs 7.68 lakh crore during April to December 2017.

As many as Rs 1.12 lakh crore refunds have been issued in the period.

The ministry said advance tax collection was up 12.7 percent at Rs 3.18 lakh crore.

While the growth in corporate income tax advance tax is 10.9 percent, that in personal Income Tax advance tax is 21.6 percent.