Direct Tax collection shows 18.2 % growth till Dec 2017

Speed Post News Network

New Delhi : The 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% higher than the net collections for the corresponding period last year.

The net Direct Tax collections represent 67% of the total Budget Estimates of Direct Taxes for Financial Year (FY) 2017-18 (Rs 9.8 lakh crore). Gross collections (before adjusting for refunds) have increased by 12.6% to Rs 7.68 lakh crore during April to December, 2017. Refunds amounting to Rs 1.12 lakh crore were issued during April to December, 2017, according to a PIB release.

An amount of Rs 3.18 lakh crore has been received as Advance Tax up to December, 2017, reflecting a growth of 12.7% over the Advance Tax payments of the corresponding period last year. The growth in Corporate Income Tax (CIT) Advance Tax is 10.9% and that in Personal Income Tax (PIT) Advance Tax is 21.6%.