Direct Tax Collection in India Surge 18.2% Between April and December 2017, Says Government

New Delhi, January 10: The Direct tax collection for Financial Year 2017-2018 soared 18.2% during the first nine months at ₹6.56 lakh crore. The Finance Ministry on Tuesday said that the provisional numbers for direct tax collection showed an 18.2% growth between April and December. It has to be noted that the government revenues have been under pressure due to a shortfall in revenue from the goods and services tax (GST).

The 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 Finance Ministry statement added.

According to a government release, 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 of last year. The release further added that the net Direct Tax collections represent 67% of the total Budget Estimates of Direct Taxes for Financial Year (F.Y.) 2017-18 (Rs. 9.8 lakh crore).

Meanwhile, the gross collections (before adjusting for refunds) have increased by 12.6% to Rs. 7.68 lakh crore from April to December 2017. 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% over the Advance Tax payments of the corresponding period of 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%.

(The above story first appeared on LatestLY on Jan 10, 2018 04:22 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).