Union Finance Ministry says FY 2017-2018 Direct Tax collections up 15.8 per cent up to September, 2017

Union Finance Ministry says FY 2017-2018 Direct Tax collections up 15.8 per cent up to September, 2017

India Blooms News Service | 11 Oct 2017

New Delhi, Oct 11 (IBNS): The Union Ministry of Finance said on Wednesday that the provisional figures of Direct Tax collections up to September, 2017 show that net collections totaled Rs. 3.86 lakh crore, which is 15.8 per cent higher than the net collections for the corresponding period of last year.

Net Direct Tax collections represent 39.4 per cent of the total Budget Estimates of Direct Taxes for FY 2017-18 (Rs. 9.8 lakh crore).

Gross collections (before adjusting for refunds) have increased by 10.3 per cent 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 Ministry said in its release.

An amount of Rs. 1.77 lakh crore has been received as Advance Tax up to 30th September, 2017 reflecting a growth of 11.5% over the Advance Tax payments of the corresponding period of last year.

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

Union Finance Ministry says FY 2017-2018 Direct Tax collections up 15.8 per cent up to September, 2017

India Blooms News Service
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