Direct tax collections till September grow 9% to Rs 3.27 lakh crore
Direct tax collections during the six months ended September grew about 9 percent to Rs 3.27 lakh crore, buoyed mainly by personal income tax mop-up.
New Delhi: Direct tax collections during the six months ended September grew about 9 percent to Rs 3.27 lakh crore, buoyed mainly by personal income tax mop-up.
The April-September direct tax collection, which includes corporate and personal income tax, shows that 38.65 per cent of the Budget Estimate of direct taxes for 2016-17 has been achieved.
The figures show that net collections are at Rs 3.27 lakh crore, 8.95 per cent more than the net amount in the same period last year, a CBDT statement said.
The gross collection of corporate income tax (CIT) grew at 9.54 per cent while it is 16.85 per cent under personal income tax (PIT).
However, after adjusting for refunds, the net growth in CIT collection is 2.56 per cent while that of PIT is 18.60 per cent.
Refunds amounting to Rs 86,491 crore have been issued in April-September 2016, up 26.99 per cent from a year earlier.
Till September 2016, advance tax collections have reached Rs 1.58 lakh crore, showing a growth of 12.12 per cent. The growth in corporate advance tax is 8.14 per cent as against 44.5 per cent in personal advance tax collections.
The high growth rate in PIT advance tax is also due to the fact that 45 per cent of the annual advance tax liability is to be paid by September from this financial year as against 30 per cent earlier, the statement added.
The government is eyeing 12.64 per cent growth in direct tax mobilisation at Rs 8.47 lakh crore in the current fiscal.