Direct Tax Collections for 2017-2018 Grow 15.2% Till October 2017

The Central Board of Direct Taxes (CBDT) on Tuesday informed that the direct tax collections for the financial year 2017-2018 show growth of 15.2% up to October 2017.

New Delhi, November 7: The Central Board of Direct Taxes (CBDT) on Tuesday informed that the direct tax collections for the financial year 2017-2018 show growth of 15.2% up to October 2017. Up to September 2017, the direct tax collections for F.Y. 2017-2018 showed growth of 15.8%. The provisional figures of Direct Tax collections up to September, 2017 show that net collections are at Rs. 3.86 lakh crore which is 15.8% higher than the net collections for the corresponding period of last year.

The net direct tax collections represent 39.4% of the total Budget Estimates of Direct Taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore) while the gross collections (before adjusting for refunds) have increased by 10.3% to Rs. 4.66 lakh crore from April to September 2017. Refunds amounting to Rs.79,660 crore have been issued during April to September 2017.

According to a government press release, an amount of Rs. 1.77 lakh crore has been received as Advance Tax up to 30th September, 2017 reflecting a growth of 11.5%over the Advance Tax payments of the corresponding period of last year. The growth in Corporate Income Tax(CIT) Advance Tax is 8.1% and that in Personal Income Tax(PIT) Advance Tax is 30.1%.

Union Finance Minister Arun Jaitley on Tuesday held a press conference and said that post demonetisation, India has moved on to a much cleaner, transparent and honest financial system. Jaitley further said that the IT Department has taken action against more than 1150 shell companies, which were used as conduits to launder more than Rs 13,300 crore. He said one of the important objective of demonetisation was to make India a less cash economy & thereby reduce flow of black money in the system.