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 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 Rs1.77 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. (PTI)
As you are no doubt aware, Swarajya is, all in all, a reader-subscription-backed business model and in order to make sure we build a media platform with only the best interests of India at heart, we need your backing.
And in challenging times like this, we need your support now more than ever—to continue bringing you stories that are often shrugged off.
For us to invest in quality reporting and continue bringing you the right stories, it takes a lot of time and money.
Partner with us, be a patron or a subscriber. We need your support, throughout.