Direct Tax collections till January up by 19.3% compared to previous year
The Direct Tax collections till January 2018 in the current fiscal stood at Rs 6.95 lakh crore which is 19.3% higher than the net collections for the corresponding period of last year. Direct taxes are made up of income tax paid by individuals, wealth tax and corporation tax paid by companies.
The provisional figures of Direct Tax collections up to December, 2017 showed that net collections were at Rs. 6.56 lakh crore which was 18.2 percent higher than the net collections for the corresponding period of last year.
The gross collections increased by 12.6 percent to Rs. 7.68 lakh crore during April to December, 2017.
Till December 2017, the growth in corporate income tax advance tax was 10.9%, while that in personal income tax advance tax was 21.6%.
India's direct tax collections for April-September, 2017, had risen 15.8 percent to Rs 3.86 lakh crore. Advance tax collections till September stood at Rs 1.77 lakh crore, reflecting a growth of 11.5 percent over the corresponding period a year ago.