Direct tax collections till September grow 9% to Rs 3.27 lakh crore


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.
Representational image. Reuters

Representational image. Reuters

The April-September direct tax collection, which includes corporate and personal income tax, shows that 38.65 percent 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 percent 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 percent while it is 16.85 percent under personal income tax (PIT).

However, after adjusting for refunds, the net growth in CIT collection is 2.56 percent while that of PIT is 18.60 percent.

Refunds amounting to Rs 86,491 crore have been issued in April-September 2016, up 26.99 percent from a year earlier.

Till September 2016, advance tax collections have reached Rs 1.58 lakh crore, showing a growth of 12.12 percent. The growth in corporate advance tax is 8.14 percent as against 44.5 percent in personal advance tax collections.

The high growth rate in PIT advance tax is also due to the fact that 45 percent of the annual advance tax liability is to be paid by September from this financial year as against 30 percent earlier, the statement added.

The government is eyeing 12.64 percent growth in direct tax mobilisation at Rs 8.47 lakh crore in the current fiscal.