The Direct Tax Collections for Financial Year 2017-18 has shown the growth of 14.4 percent between the month of April-November this fiscal, the Central Board of Direct Taxes said.
The Direct Tax Collections for Financial Year 2017-18 has shown the growth of 14.4 percent between the month of April-November this fiscal, the Central Board of Direct Taxes said. As per the board, the provisional figures of Direct Tax collections up to November 2017 have shown that the net collections stand at Rs 4.8 Lakh Crore which is 14.4 percent than the net collections for the same period last year. “The provisional figures of Direct Tax collections up to November, 2017 show that net collections are at Rs 4.8 lakh crore, which is 14.4 percent higher than the net collections for the corresponding period of last year,” Central Board of Direct Taxes said in the statement.
As per the statement, the net direct tax collections represent 49 percent of the total Budget Estimates of direct taxes for 2017-18 (Rs 9.8 lakh crore). The gross collections (before adjusting for refunds) have increased by 10.7 percent to Rs 5.82 lakh crore during April-November, 2017. Earlier, the direct tax collections for April-September, grew 15.8 percent from last year to Rs 3.86 lakh crore, the CBDT data showed, amounting to 39.4 percent of the total Budget estimate for direct taxes for 2017-18. The increase in direct tax collections was mainly due to an 11.5 percent growth in advance tax collections which were recorded at Rs 1.77 lakh crore till September. The rise in advance tax was slower than during the period of April-September last year, when it recorded rise of 12.12 percent.
The Advance tax for corporate income tax increased by 8.1 percent year-on-year between April to September in 2017, even as for personal income tax grew 30.1 percent. Refunds of up to Rs 79,660 crore were issued between April-September. However, the release did not mention whether it’s an increase or decrease from last year. Gross direct tax collections raised by by 10.3 percent to Rs 4.66 lakh crore in April-September.
In 2016, between April-September, gross collection of corporate income tax increased by 9.54 percent while personal income tax rose 16.85 percent. The net growth in corporate income tax collections was 2.56 percent after adjusting for refunds, while personal income tax collections witnessed the surge of 18.6 percent. Refunds of up to Rs 86,491 crore were issued during the month of April-September last year, which was an increase of 26.99 percent from a year ago.
In September, Finance ministry’s release for the period between April-August period had said that net corporate income tax collections increased by 18.1 percent from the same period last year and gross collections increased 5 percent year-on-year.