Direct tax collection in FY 17-18 up by 18.2 per cent: Finance Ministry
New Delhi, Jan 9 (KNN) The provisional figures of Direct Tax collections up to December, 2017 stands at 6.56 lakh crores, Ministry of Finance said in a press release.
The data till December indicate that the net collections of Rs. 6.56 lakh crore is 18.2 per cent higher than the net collections for the corresponding period of last year, the release further said.
The net Direct Tax collections represent 67 per cent of the total Budget Estimates of Direct Taxes for Financial Year (F.Y.) 2017-18 (Rs. 9.8 lakh crore).
With regard to the gross collections, the ministry said that the figure have increased by 12.6 per cent to Rs. 7.68 lakh crore during April to December, 2017, before adjusting for refunds.
“Refunds amounting to Rs.1.12 lakh crore have been issued during April to December, 2017. An amount of Rs. 3.18 lakh crore has been received as Advance Tax up to December, 2017 reflecting a growth of 12.7 per cent over the Advance Tax payments of the corresponding period of last year”, the release informed.
With regard to the Corporate Income Tax (CIT) Advance Tax, the figure registered a positive trend of 10.9 per cent. Also Personal Income Tax (PIT) Advance Tax registered a positive growth of 21.6 per cent, the data said. (With PIB Inputs) (KNN/DA)