Direct tax collections grow 18.2% to Rs 6.56 lakh crore in April-December

New Delhi: Direct Tax collections in the first nine months of the current fiscal grew 18.2 percent to Rs 6.56 lakh crore, mainly on account of income tax mop-up from individuals.

The government estimates to collect Rs 9.80 lakh crore from direct taxes in the current fiscal.

“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 of last year,” the government said.

The collection, which includes personal income tax and corporate tax, represents 67 percent percent of the total budget estimates of Rs 9.8 lakh crore in direct taxes for 2017-18.

Gross collections (before adjusting for refunds) have increased by 12.6 percent to Rs 7.68 lakh crore during 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 percent over the Advance Tax payments of the corresponding period of last year.

The growth in Corporate Income Tax (CIT) Advance Tax is 10.9percent and that in Personal Income Tax (PIT) Advance Tax is 21.6 percent.