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

The government has collected Rs 6.56 lakh crore in direct taxes during April-December 2017, recording a growth rate of 18.2 per cent on hefty advance tax mop-up.

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

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

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

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

As 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 income tax, it is 21.6 per cent.

The government 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.