Direct tax collection rises 16% to Rs3.86 trillion in April-September
New Delhi: Net direct tax receipts in the first half of 2017-18 jumped to Rs3.86 trillion, a 15.8% growth from a year ago, adding up to about two-fifths of the targeted direct tax collection for the full year, the Central Board of Direct Taxes (CBDT) said Wednesday.
In the 2017-18 budget, the finance ministry had set a direct tax collection target of Rs9.8 trillion.
Prior to adjusting for refunds, gross direct tax receipts during the April-September period stood at Rs4.66 trillion, showing a growth of 10.3% from a year ago. The tax department has issued refunds of Rs79,660 crore so far this financial year.
A higher growth rate in net direct tax collection compared to gross receipts could indicate lower refunds during the period under review than a year earlier.
The tax department received Rs1.77 trillion as advance tax up to 30 September, reflecting a growth of 11.5% over the corresponding period a year ago.
Advance corporate tax collection grew 8.1%, while advance personal income tax rose 30.1% in the period under review, said CBDT.
Tax collection growth usually picks up in the second half of the financial year.
- Ahead of Gujarat election results, BJP MP predicts dismal performance for party
- California’s wildfire now ranks as state’s third-largest
- As bitcoin, other currencies soar, regulators urge caution
- Metlife says it failed to pay some pensions, flags hit to reserves
- Dharmendra Pradhan inaugurates Eastern India’s first CNG stations