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Direct Tax collection rises to Rs 3.27 lakh crore till September: FinMin

As per the Ministry, till September, 38.65% of the Budget Estimates of direct tax fpr FY17 has been achieved.

Direct Tax collection rises to Rs 3.27 lakh crore till September: FinMin
Till September, in this fiscal, advance tax collections have reached Rs 1.58 lakh crore showing a growth rate of 12.12%. Photo: Pixabay
Written By: ZeeBiz WebTeam
Updated: Mon, Oct 10, 2016
08:12 pm
Mumbai, ZeeBiz WebDesk
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The direct tax collections up to September rose by 8.95% at Rs 3.27 lakh crore as compared to the net collections for the corresponding period last year, Ministry of Finance said.

As per the Ministry, till September, 38.65% of the Budget Estimates of direct tax fpr FY17 has been achieved.

The Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 9.54% while that under PIT (including STT etc.) is 16.85%. 

However, after adjusting for refunds, the net growth in CIT collections is 2.56% while that in PIT collections is 18.60%. Refunds amounting to Rs.86,491 crore have been issued during April-September, 2016, which is 26.99% higher than the refunds issued during the corresponding period last year, the Ministry said.

Further, till September, in this fiscal, advance tax collections have reached Rs 1.58 lakh crore showing a growth rate of 12.12%. 

"The growth in Corporate advance tax is 8.14% as against 44.5% in Personal advance tax collections. The high growth rate in PIT advance tax is also due to the fact that as against 30% of annual advance tax which was payable till September installment in earlier years, from this financial year, 45% of the annual advance tax liability is to be paid by September", said the Ministry.