The Central government's crash crunch as a result from the introduction of Goods and Services Tax (GST) looks having got some reprieve, as data of tax collection during the first 9 months of financial 2017-18, i.e. Apr-Dec 2017, shows significantlyincreased revenue.
Figures show a rise of 18.2% over the comparable period last year (year on year), amounting to 6.56 lakh crore. This makes about 67 % of the total targeted for the full financial year, of 9.8 lakh crore.
The total revenue collected was 7.68 lakh crores, but of this 1.12 lakh crore is to be refunded. Finance Ministry also informed that as of end-December advance tax of 3.18 lakh crore was collected, of which 10.9 % came from corporate bodies and 12.7 % from individuals.
In the previous financial year out of the 8.47 lakj crore projected under direct taxes (consisting of individual and corporate income tax, property tax etc), 8.47 lakh crore was collected.