Direct tax collections Rise by 18.2%

NewDelhi Jan 9: Union Finance ministry on Tuesday has said that "Direct tax collections soared 18.2 percent during the first nine months of current fiscal at Rs 6.56 lakh crore."Currently, Direct taxes include income tax paid by individuals, wealth tax and corporation tax paid by companies.

The statement issued by finance ministry has added that "The net direct tax collections represent 67 percent of the total Budget Estimates of direct taxes for FY2017-18 (Rs 9.8 lakh crore). Gross collections (before adjusting for refunds) have increased by 12.6 percent to Rs 7.68 lakh crore during April to December 2017. As many as Rs 1.12 lakh crore refunds have been issued in the period."

The statement added that "advance tax collection was up 12.7 percent at Rs 3.18 lakh crore. While the growth in corporate income tax advance tax is 10.9 percent, that in personal Income Tax advance tax is 21.6 percent."