Direct tax collections rise 18.2% to Rs 6.56 lakh crore during April-December of current fiscal
Direct tax collections soared 18.2 percent during the first nine months of current fiscal at Rs 6.56 lakh crore, the finance ministry said
New Delhi: Direct tax collections soared 18.2 percent during the first nine months of current fiscal at Rs 6.56 lakh crore, the finance ministry said on Tuesday.
In a statement, the ministry said provisional numbers for direct taxes collections showed an 18.2 percent growth during April-December.
Direct taxes are made up of income tax paid by individuals, wealth tax and corporation tax paid by companies.
"The net direct tax collections represent 67 percent of the total Budget Estimates of direct taxes for FY2017-18 (Rs 9.8 lakh crore)," the statement said.
Gross collections (before adjusting for refunds) have increased by 12.6 percent to Rs 7.68 lakh crore during April to December, 2017.
As many as Rs 1.12 lakh crore refunds have been issued in the period.
The ministry said advance tax collection was up 12.7 percent at Rs 3.18 lakh crore.
While the growth in corporate income tax advance tax is 10.9 percent, that in personal Income Tax advance tax is 21.6 percent.
The endorsement from the G-7 could help build momentum for a deal in wider talks among more than 140 countries being held in Paris as well as a G20 finance ministers meeting in Venice in July
The portal, www.incometax.gov.in, is aimed at providing taxpayer convenience and seamless experience to taxpayers, the Central Board of Direct Taxes (CBDT) said in a statement
G7 strikes 'historic' agreement on global corporate tax to make multinationals liable in country of operants
Momentum has grown behind the US-led plans to limit the ability of multinationals such as tech giants to game the tax system to boost profits, especially at a time when economies around the world are reeling from the impact of the coronavirus outbreak