Direct tax collections up 18.2% at Rs6,56,000 cr in April-December 2017-18

The country's net collection of direct taxes during April-December 2017-18 stood at Rs6,56,000 crore, which is 18.2 per cent higher than the net collections for the corresponding period of last year, provisional figures released by the finance ministry showed.

Net direct tax collections represent  67 per cent of the total Budget Estimates of direct taxes for financial year 2017-18 of Rs9,80,000 crore.

Gross collections (before adjusting for refunds) have increased by 12.6 per cent to Rs7,68,000 crore during April-December 2017. Refunds amounting to Rs1,12,000 crore have been issued during April-December 2017.

Advance tax collections up to December 2017 amounted to Rs3,18,000 crore, reflecting a growth of 12.7 per cent over the advance tax payments of the corresponding period of last year.

Advance collection of corporate income tax (CIT) increased by 10.9 per cent and that of personal income tax increased by 21.6 per cent.