NEW DELHI: Robust advance tax collections pushed up direct tax mop-up to Rs 3.86 lakh crore for the first six months of the current financial year, a 15.8 per cent increase over the corresponding quarter of the previous year, the finance ministry said in a statement on Wednesday.
The net direct tax collections constitute 39.4 per cent of the total budget estimate of direct taxes at Rs 9.8 lakh crore for the current financial year (2017-18). “Gross collections (before adjusting for refunds) have increased by 10.3 per cent to Rs 4.66 lakh crore during April to September, 2017,” the statement noted.
The finance ministry added that refunds amounting to Rs 79,660 crore have been issued during the April-September 2017 period.
Advance tax collections till September stood at Rs 1.77 lakh crore, reflecting a growth of 11.5 per cent over the corresponding period a year ago. The growth in corporate income tax advance tax is 8.1 per cent and that in personal income tax advance tax is 30.1 per cent. “Refunds amounting to Rs 79,660 crore have been issued during April to September, 2017,” the statement added.