Direct tax collections rise 18.2% in April-December 2017: FinMin

Key highlights:

• Direct tax collections rise 18.2% in April-December 2017
• Gross collections have increased by 12.6% to Rs 7.68 lakh crore 
• Growth in CIT Advance Tax is 10.9% and that in PIT Advance Tax is 21.6%

Direct tax collections rise 18.2% in April-December 2017 at Rs 6.56 lakh crore, said Finance Ministry today.

According to the Finance Ministry statement, 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% higher than the net collections for the corresponding period of last year. 

"The net Direct Tax collections represent 67% of the total Budget Estimates of Direct Taxes for 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 during April to December 2017. Refunds amounting to Rs 1.12 lakh crore have been issued during April to December, 2017," said the statement.
 
Further, it said that an amount of Rs 3.18 lakh crore has been received as Advance Tax up to December, 2017 reflecting a growth of 12.7% over the Advance Tax payments of the corresponding period of last year. 

"The growth in Corporate Income Tax (CIT) Advance Tax is 10.9% and that in Personal Income Tax (PIT) Advance Tax is 21.6%," the statement added.