Direct tax collections for FY 2017-18 up by 15.8 percent

The provisional figures of Direct Tax collections up to September, 2017 reported a 15.8 percent increase (Rs. 3.86 lakh crore) compared to the net collections for the corresponding period of last year.

Net Direct Tax collections represent 39.4 percent of the total budget estimates of direct taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore). Gross collections (before adjusting for refunds) increased by 10.3 percent to Rs. 4.66 lakh crore during April to September, 2017. Refunds amounting to Rs.79,660 crore were issued during April to September, 2017.

An amount of Rs. 1.77 lakh crore was received as advance tax up to September 30, reflecting a growth of 11.5 percent over the advance tax payments of the corresponding period of last year. The growth in Corporate Income Tax (CIT) Advance Tax is 8.1 percent and that in Personal Income Tax (PIT) Advance Tax is 30.1 percent, an official release from the Central Board of Direct Taxes (CBDT) reported.