Direct tax collections jump 16% to Rs 3.86 lakh cr in Apr-Sep

Team Udayavani, Oct 11, 2017, 6:05 PM IST

New Delhi: India’s direct tax collections for April-September rose 15.8 per cent to Rs 3.86 lakh crore, buoyed by a healthy growth in advance tax mop-up, the finance ministry said.

The net direct tax collections constitute 39.4 per cent of the total budget estimate of direct taxes at Rs 9.8 lakh crore for the current fiscal.

The provisional figures of direct tax up to September 2017 show that net collections stood at Rs 3.86 lakh crore which is 15.8 per cent higher than the corresponding period last year, the finance ministry said in a statement.

Advance tax collections till September stood at Rs 1.77 lakh crore, reflecting a growth of 11.5 per cent over the corresponding period a year ago.

The growth in Corporate Income Tax (CIT) Advance Tax is 8.1 per cent and that in Personal Income Tax (PIT) Advance Tax is 30.1 per cent.

Refunds amounting to Rs 79,660 crore have been issued during April-September 2017.

Gross direct tax collections (before adjusting for refunds) have increased by 10.3 per cent to Rs 4.66 lakh crore during April – September, 2017.