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%