Breaking News

You are here » Indian-Commodity  :  Economy  :  Direct tax collection rises over 18% during first nine months of current fiscal

09-Jan2018

Direct tax collection rises over 18% during first nine months of current fiscal

Registering a growth of 18.2% in the first nine months of the current fiscal, the government's revenue collection continued its rising trend, mainly on account of income tax mop-up from individuals. According to the Ministry of Finance, India's net direct tax collections, which are made up of personal and corporate taxes, rose to Rs 6.56 lakh crore during the April-December period of the financial year 2018. The collection indicates that 67% of the annual budget target of direct taxes (Rs 9.8 lakh crore) has been achieved.

Before adjusting for refunds, gross collections surged by 12.6% to Rs 7.68 lakh crore up to December, 2017. Further, refunds amounting to Rs 1.12 lakh crore have been issued during April to December, 2017.

In terms of advance tax, Rs 3.18 lakh crore have been received up to December, 2017, a growth of 12.7% over the corresponding period of last year, while Corporate Income Tax (CIT) Advance Tax grew 10.9% and Personal Income Tax (PIT) Advance Tax surged 21.6%


Related News

View all news

CPI inflation hits 6-month high of 2.92% in April

India's retail inflation based on Consumer Price Index (CPI) continued northward journey for third straight month and inched up to a 6-month high of 2.92% in April 2019 due to a spike in food prices, including......

Indian economy to grow at 7% range in current fiscal: Subramanian

Chief Economic Advisor (CEA) Krishnamurthy V. Subramanian has said  that the Indian economy would grow at 7% range in the current financial year (FY20) powered by the effects of the strong structural......

Banks take 57% haircut in 94 cases resolved in FY19: ASSOCHAM-CRISIL study

A joint study carried out by the industry body Associated Chambers of Commerce & Industry of India (ASSOCHAM) and rating agency CRISIL stated that banks have taken a huge 57% haircut in the 94......

Top News

View all news

SRF, NIIT Technologies and United Bank of India to see some action today

SRF has entered into a definitive agreement to sell its Engineering Plastics Business to DSM, the Life Sciences and Materials Sciences Company in an all-cash transaction, amounting to Rs 320 crore. The......

NIIT Technologies concludes sale of 88.99% stake in ESRI India Technologies

NIIT Technologies has concluded the sale of 88.99% equity shares in ESRI India Technologies, India to Environment Systems Research Institute Inc., USA. Consequent to above sale, ESRI India Technologies,......

United Bank of India to raise Rs 1,500 crore by various means

United Bank of India has received approval to raise equity capital not exceeding Rs 1,500 crore in one or more tranches during the financial year by way of Qualified Institutions Placement, Public Issue,......