New Delhi, Jan 9: Direct tax collections in fiscal 2017-18 stood at Rs 6.56 lakh crore, which is 18.2 per cent higher than the net collections for the corresponding period of last year, the government said on Tuesday. The net Direct Tax collections represent 67 per cent of the total Budget Estimates of Direct Taxes for the financial year 2017-18 (Rs 9.8 lakh crore).
Gross collections (before adjusting for refunds) have increased by 12.6% to Rs. 7.68 lakh crore from April to December 2017, the government said in a statement. Refunds amounting to Rs.1.12 lakh crore have been issued during April to December 2017, it added.
An amount of Rs. 3.18 lakh crore has been received as Advance Tax up to December 2017 reflecting a growth of 12.7 per cent over the Advance Tax payments for the corresponding period of last year, the government said. The growth in Corporate Income Tax (CIT) Advance Tax is 10.9 per cent and that in Personal Income Tax (PIT) Advance Tax is 21.6 per cent.
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