Net direct tax collections for the first half of the financial year, at Rs 3.86 lakh crore, were 15.8% higher than the collections in the same period of the previous year, according to official data released on Wednesday.
“The provisional figures of Direct Tax collections up to September, 2017 show that net collections are at Rs. 3.86 lakh crore which is 15.8% higher than the net collections for the corresponding period of last year,” the official release said. “Net Direct Tax collections represent 39.4% of the total Budget Estimates of Direct Taxes for financial year 2017-18 (Rs. 9.8 lakh crore).
Gross collections, before adjusting for refunds, increased 10.3% to Rs. 4.66 lakh crore during April to September 2017. Refunds worth Rs.79,660 crore have been issued during that period.
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“An amount of Rs. 1.77 lakh crore has been received as Advance Tax up to September 30, 2017 reflecting a growth of 11.5% over the Advance Tax payments of the corresponding period of last year,” the release added. “The growth in Corporate Income Tax(CIT) Advance Tax is 8.1% and that in Personal Income Tax(PIT) Advance Tax is 30.1%.”