The Finance Ministry today said that the provisional figures of Direct Tax collections till September show that net collections are at Rs 3.86 lakh crore which is 15.8 per cent higher than the corresponding period of last year. Net Direct Tax collections represent 39.4 per cent of the total budget estimates of Rs 9.8 lakh crore for the direct taxes for the Financial Year 2017-18, the Ministry said in a statement.
The gross tax collections - before adjusting for refunds - have also increased by 10.3 per cent to Rs 4.66 lakh crore during April to September, 2017. The Finance Ministry also said that refunds amounting to Rs.79,660 crore have been issued during April to September.
The government has also received Rs 1.77 lakh crore as advance tax till September 30 which reflects a growth of 11.5 per cent over Advance Tax payments during same period last year. " The growth in Corporate Income Tax (CIT) Advance Tax is 8.1% and that in Personal Income Tax (PIT) Advance Tax is 30.1%," the Ministry said.