Economy

Direct tax collection rises 18.2% in Apr-Dec

Direct taxes are made up of income tax paid by individuals, wealth tax and corporation tax paid by companies.

Direct tax collection soared 18.2% during the first nine months of current fiscal at ₹6.56 lakh crore, the Finance Ministry said on Tuesday. In a statement, the ministry said that the provisional numbers for direct tax collection showed an 18.2% growth between April and December.

Direct taxes are made up of income tax paid by individuals, wealth tax and corporation tax paid by companies.

“The net direct tax collections represent 67% of the total Budget Estimates of direct taxes for FY2017-18 (₹9.8 lakh crore),” the statement said.

Gross collections (before adjusting for refunds) have increased by 12.6% to ₹7.68 lakh crore from April to December, 2017.

Refunds to the tune of ₹1.12 lakh crore have been issued during this period. The ministry said that advance tax collection was up 12.7% at ₹3.18 lakh crore.

While the growth in corporate income tax advance tax is 10.9%, that in personal income tax advance tax is 21.6%.

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Printable version | May 31, 2020 11:22:49 PM | https://www.thehindu.com/business/Economy/direct-tax-collection-rises-182-in-apr-dec/article22402892.ece

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