December advance tax perks Income tax collections to Rs 6.6 lakh crore
By TIOL News Service
NEW DELHI, JAN 09, 2018: THE direct tax collections upto Dec, 2017 has registered a growth rate of 18.2%. And the net mop-up has gone up to Rs 6.6 lakh crore.
The net Direct Tax collections represent 67% of the total Budget Estimates of Direct Taxes for F.Y. 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. Refunds amounting to Rs.1.12 lakh crore have been issued 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%.
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