Direct Tax Collections for FY 2017-18 Show Growth of 18.2% up to December, 2017

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% higher than the net collections for the corresponding period of last year.

The net Direct Tax collections represent 67% of the total Budget Estimates of Direct Taxes for Financial Year 2017-18 (Rs. 9.8 lakh crore). Gross collections (before adjusting for refunds) have increased by 12.6% to Rs. 7.68 lakh crore during April to December 2017.

An amount of Rs. 3.18 lakh crore has been received as Advance Tax up to December, 2017 reflecting a growth of 12.7% over the Advance Tax payments of the corresponding period of last year. The growth in Corporate Income Tax (CIT) Advance Tax is 10.9% and that in Personal Income Tax (PIT) Advance Tax is 21.6%.
Static/Current Takeaways Important for IBPS Clerk Mains 2017 Exam-
  • Arun Jaitley is the present Finance Minister of India.
Source- Press Information Bureau (PIB)

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