Direct Tax Collections Grow 18.2 Per Cent To Rs 6.56 Lakh Crore In April-December Period

Direct tax collections in the first nine months of the current fiscal year grew by 18.2 per cent to Rs. 6.56 lakh crore, Business Standard has reported.

“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 net Direct Tax collection includes personal income tax and corporate tax. It forms 67 per cent of the total budget estimates of direct taxes for the financial year. Gross collections grew by 12.6 per cent to Rs. 7.68 lakh crore between April and December. In this period, refunds amounting to Rs.1.12 lakh crore were issued.

According to the report, the government estimates the direct taxes in the current fiscal to be around Rs 9.80 lakh crore.