Direct tax collections rise 18.2% in April-December 2017
Direct Tax collections in the first nine months of the current fiscal grew 18.2 percent to Rs 6.56 lakh crore, mainly on account of income tax mop-up from individuals, the Finance Ministry said on Tuesday.
The government estimates to collect Rs 9.80 lakh crore from direct taxes in the current fiscal.
In a statement, the ministry said that the provisional numbers for direct tax collection showed an 18.2% growth between April and December in 2017.
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% of the total Budget Estimates of direct taxes for FY2017-18 (₹9.8 lakh crore)," the statement said.
Gross collections (before adjusting for refunds) have increased by 12.6% to ₹7.68 lakh crore from April to December 2017.
Refunds to the tune of ₹1.12 lakh crore have been issued during this period. The ministry said that advance tax collection was up 12.7% at ₹3.18 lakh crore.
While the growth in corporate income tax advance tax is 10.9%, that in personal income tax advance tax is 21.6%.
OneIndia News (with agency inputs)