NEW DELHI: Direct tax collections during the six months ended September show that net collections are at Rs.3.27 lakh crore which is 8.95 percent more than the net collections for the corresponding period last year.
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, said a statement from the Central Board of Direct Taxes (CBDT).
“As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 9.54 percent while that under PIT (including STT etc.) is 16.85 percent. However, after adjusting for refunds, the net growth in CIT collections is 2.56 percent while that in PIT collections is 18.60 percent. Refunds amounting to Rs.86, 491 crores have been issued during April-September, 2016, which is 26.99 percent higher than the refunds issued during the corresponding period last year,” the statement added.
The statement further said that till September, 2016, advance tax collections have reached Rs.1.58 lakh crore showing a growth rate 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 as against 30 percent of annual advance tax which was payable till September instalment in earlier years, from this financial year, 45 percent of the annual advance tax liability is to be paid by September,” the Finance Ministry said in the statement.