Friday , December 15 2017
Home / Business / Direct tax collections rise 16% in April-September

Direct tax collections rise 16% in April-September

The Finance Ministry on Wednesday said that the country’s direct tax collections for April-September rose 15.8% to Rs 3.86 lakh crore, buoyed by a healthy growth in advance tax mop-up.

The net direct tax collections constitute 39.4% 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% higher than the corresponding period last year, the finance ministry said.

Advance tax collections till September stood at Rs 1.77 lakh crore, reflecting a growth of 11.5% over the corresponding period a year ago.

The growth in Corporate Income Tax (CIT) Advance Tax is 8.1% and that in Personal Income Tax (PIT) Advance Tax is 30.1%.

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% to Rs 4.66 lakh crore during April – September, 2017.

(With inputs from PTI)

Source link

Check Also


Nationwide raids on 9 Bitcoin exchanges

Multiple teams of tax sleuths Wednesday, investigating virtual currency Bitcoin’s investors and transactions, conducted raids …


Despite small size, India is important market for Ferrari: Dieter Knechtel

As Italian luxury car maker Ferrari celebrates its 70th anniversary in Mumbai, the company’s CEO …

Leave a Reply

Your email address will not be published. Required fields are marked *