Direct tax collections show growth of 18.2% up to Dec
The Dollar Business Bureau
The direct tax collections has surged by 18.2% to Rs.6.56 lakh crore during April to December period of current financial year as compared to the same period a year ago.
Direct taxes comprises of income tax, wealth tax and corporation tax paid by companies.
“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 per cent higher than the net collections for the corresponding period of last year,” Finance Ministry said in a statement on Tuesday.
“The net direct tax collections represent 67% of the overall budget estimates of direct taxes of Rs.9.8 lakh crore for the financial year 2017-18,” it said.
The gross collections shown an increase of 12.6% to Rs.7.68 lakh crore during the first nine months of the current fiscal. The Government also issued refunds amounting to Rs.1.12 lakh crore during the period, the statement said.
The advance tax collection has also increased during the given period, according to the Ministry.
“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 in the corresponding period of last year,” it said.
Though the direct tax collections have witnessed a growth, the indirect tax collections are declining for the past two months. In November 2017, the Goods and Services Tax (GST) revenue was Rs.80,808 crore, a drop from Rs.83,000 crore in the preceding month. In October, the GST collections had dropped by around 10% to Rs.83,346 crore from Rs.92,150 crore in the month of September.