Direct tax collections up 18% in Apr-Dec

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New Delhi, Jan 9: India’s direct tax collection between April and December in the present fiscal at Rs 6.56 lakh crore was 18.2 percent higher as compared to the corresponding period last year, according to an official announcement on Tuesday.

A Finance Ministry statement revealed that the collections till December represent 67 percent of the total budget estimates for direct taxes for fiscal 2017-18.

“Provisional figures of direct tax collections up to December 2017 show that net collections are at Rs 6.56 lakh crore, which is 18.2 percent higher than the net collections for the corresponding period of last year,” the Ministry said in a tweet.

“Net direct tax collections represent 67 percent of total budget estimates of direct taxes for FY 2017-18 (Rs 9.8 lakh crore),” the release asserted.

As per the Central Board of Direct Taxes (CBDT), gross collections before adjusting for refunds have climbed up by 12.6 per cent to Rs 7.68 lakh crore during April-December 2017. A total of refunds amounting to Rs 1.12 lakh crore have been issued during this period.

A total of Rs 3.18 lakh crore has been received as advance tax till December, depicting a growth of 12.7 percent on this count over the corresponding period of last year, the statement said.

“The growth in corporate income tax advance tax is 10.9 per cent and that in personal income tax advance tax is 21.6 per cent,” it added.

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