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Direct Tax Collection Grew By 18.2% In April-December
Before accounting for refunds, collections on a gross basis have increased to Rs. 7.68 lakh crore, an increase of 12.7% during the nine months to December 2017
During April-December of the current financial year 2017-18, direct tax collection by the government grew by 18.2% at Rs. 6.56 lakh crore. The finance ministry in a statement said that the provisional numbers point at an increase in direct tax collection.
Direct tax comprises income tax paid by individuals, corporate tax and wealth tax.
The statement said that, "The net direct tax collections represent 67 per cent of the total Budget Estimates of direct taxes for FY2017-18 (Rs 9.8 lakh crore)".
Before accounting for refunds, collections on a gross basis have increased to Rs. 7.68 lakh crore, an increase of 12.7% during the nine months to December 2017. In the period, the Income tax department has issued refunds amounting to Rs. 1.12 lakh crore.
The collection of advance tax was up by 12.7% at Rs 3.18 lakh crore.
With Inputs From PTI
