Good News: Direct tax collection surges by 16% to 3.86 lakh crore rupees

NewsBharati    12-Oct-2017
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New Delhi, October 12: The Direct Tax Collections in the first half of the current fiscal shows growth of 15.8 percent. Net Direct Tax collections represent 39.4 percent of the total budget estimates of Direct Taxes for Financial year 2017-18 (Rs. 9.8 lakh crore). 

The Finance Ministry said, the provisional figures of Direct Tax collections up to September, 2017 show that net collections are at 3.86 lakh crore rupees which is higher than the corresponding period of last year.

The Ministry said, an amount of 1.77 lakh crore rupees has been received as Advance Tax up to the 30th of September this year, reflecting a growth of 11.5 per cent over the corresponding period of last year.

Gross collections (before adjusting for refunds) have increased by 10.3% to Rs. 4.66 lakh crore during April to September, 2017. Refunds amounting to Rs.79,660 crore have been issued during April to September, 2017.

The growth in Corporate Income Tax (CIT) Advance Tax is 8.1% and that in Personal Income Tax (PIT) Advance Tax is 30.1%.

Direct tax collection Tax Income Tax Economy GDP Good Governance Development Advance tax Finance Ministry