Net direct tax collections increases to Rs 3.86 lakh crore during April-September period: CBDT

The Central Board of Direct Taxes (CBDT) on Wednesday released tax collections data of April-September period.

The half-yearly Net Direct Tax collections are Rs 3.86 lakh crore, which is 15.58 per cent higher than the net collections for the corresponding period in 2016, CBDT said.

Besides this, the Net Direct Tax collections represent 39.4 per cent of the total budget estimates of Rs 9.8 lakh crore for the Direct Taxes for the financial year 2017-18, the board added.

There is an increase in gross collections (before adjusting for refunds) by 10.3 per cent to Rs 4.66 lakh crore during April-September 2017, according to the CBDT.

As far as refunds are concerned, Rs 79,660 crore have been issued during the period of April to September 2017.

ALSO READ: CBDT backs PM Modi’s figure of 53 lakh new tax payers

The board further mentioned that Rs 1.77 lakh crore has been received as Advance Tax up to September 30, 2017. It has reflected a growth of 11.5 per cent over Advance Tax payments during the same period in 2016.

The growth in Corporate Income Tax (CIT) Advance Tax is 8.1 per cent and that in Personal Income Tax (PIT) Advance Tax is 30.1 per cent, the board said.

ALSO READ | Demonetisation ropes in new tax payers, ITRs go up by 25.3% in FY 2016-17: CBDT