Speed Post News Network
New Delhi : The provisional figures of Direct Tax collections up to September, 2017, shows net collections at Rs. 3.86 lakh crore which is 15.8% higher than the net collections for the corresponding period last year. 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).
The Gross collections (before adjusting for refunds) have increased by 10.3% to Rs. 4.66 lakh crore during April to September, 2017. Refunds amounting to Rs.79,660 crore have been issued during April to September, 2017, according to a PIB release.
An amount of Rs. 1.77 lakh crore was received as Advance Tax till September 30, 2017, reflecting a growth of 11.5% over the Advance Tax payments of the corresponding period of last year. The growth in Corporate Income Tax (CIT) Advance Tax is 8.1% and that in Personal Income Tax(PIT) Advance Tax is 30.1%.