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Direct tax mop up soars 18% to Rs 6.56 lakh cr during Apr-Dec

Press Trust of India  |  New Delhi 

The has collected Rs 6.56 lakh crore in direct taxes, up 18.2 per cent on hefty advance mop up, for the April-December period of the current fiscal.

The net collections represent 67 per cent of the total Budget Estimate of Rs 9.8 lakh crore for direct taxes in 2017 -18.

Direct taxes comprise paid by individuals, corporate and wealth tax.

Refunds amounting to Rs 1.12 lakh crore have been issued during the first nine months of the current fiscal.

Gross direct tax collections (before adjusting for refunds) have increased by 12.6 per cent to Rs 7.68 lakh crore.

"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 per cent higher than the net collections for the corresponding period of last year," the ministry said in a statement.

An much as Rs 3.18 lakh crore has been received as advance tax up to December, 2017-18, reflecting a growth of 12.7 per cent over the year ago period.

Growth in advance tax paid by corporates is 10.9 per cent, while in case of personal tax it is 21.6 per cent.

The had last fiscal exceeded the direct tax collection target set in the Budget. It had collected over Rs 8.49 lakh crore against the Budget estimate of Rs 8.47 lakh crore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 09 2018. 15:25 IST