Direct tax collections rise 16% in April-September

NEW DELHI: The Finance Ministry on Wednesday said that the country’s direct tax collections for April-September rose 15.8% to Rs 3.86 lakh crore, buoyed by a healthy growth in advance tax mop-up.

FM Arun Jaitely

The net direct tax collections constitute 39.4% 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% higher than the corresponding period last year, the finance ministry said.

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

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

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% to Rs 4.66 lakh crore during April – September, 2017.

(With inputs from PTI)