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Direct Tax collected up to December '17 registers 18.2 pct growth
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 percent higher than the net collections for the corresponding period last year.
New Delhi: 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 percent higher than the net collections for the corresponding period last year.
As per data released by the Central Board of Direct Taxes (CBDT), an amount of Rs. 3.18 lakh crore has been received as advance tax up to December, 2017, reflecting a growth of 12.7 percent over the advance tax payments of the corresponding period last year.
Further, the growth in Corporate Income Tax (CIT) advance tax is reported to be 10.9 percent, while that of Personal Income Tax (PIT) advance tax is 21.6 percent.
The net Direct Tax collections represent 67 percent of the total Budget Estimates of Direct Taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore). Gross collections (before adjusting for refunds) have increased by 12.6 percent to Rs. 7.68 lakh crore during April to December, 2017.
Furthermore, refunds to the tune of Rs.1.12 lakh crore have been issued from April to December, 2017.