The Direct Tax Collections in the first half (April-September) of the current fiscal (2017-18) shows growth of 15.8 percent. According to the Finance Ministry, 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. Net Direct Tax collections represent 39.4 percent of the total budget estimates of Direct Taxes for the financial year 2017-18.
An amount of 1.77 lakh crore rupees has been received as Advance Tax up to 30th of September this year, reflecting a growth of 11.5 percent over the corresponding period of last year.
Must Do Takeaways from the above News:
- Gross collections, before adjusting for refunds, increased 10.3% to Rs. 4.66 lakh crore during April to September 2017.
- Refunds worth Rs. 79,660 crore have been issued during that period.
- The Central Board of Direct Taxes (CBDT) provides inputs for policy and planning of direct taxes in India and is also responsible for the administration of direct tax laws through the IT Department.
Source- The Hindu Business Line