Direct Tax Touches Rs.6.5 Lakh cr During Apr-Dec
The direct tax collection by the centre during the April-December period stood at Rs. 6.56 lakh crores, up 18.2% especially because of the huge amount of advance taxes. These make for 67% of the total budget estimate of Rs. 9.8 lakh crores. In addition to that, the government has issued refunds of Rs. 1.12 lakh crores to the taxpayers during the first three quarters of the current fiscal.
The advance taxes collected by the government stood at Rs. 3.18 lakh crores up to December, FY18, thus indicating a growth of 12.7% on year-over-year basis.
Direct taxes are the taxes paid by individuals and businesses, although wealth tax is another tax that is considered a direct tax.