Net direct tax collection rose 12.5 per cent to Rs 2.38 lakh crore in first six months of the ongoing fiscal mainly on account of growth in personal income tax collection.
The net direct tax collection between April 1 to September 17 in the previous fiscal was Rs 2.11 lakh crore. The Advance Tax collection in the September quarter grew by 9.14 per cent to over Rs 1.14 lakh crore, an official statement said.
Corporate tax collections are Rs 1,46,610 crore as against Rs 1,35,791 crore collected to date last year, a growth of 7.97%. Similarly, personal income tax collections stood at Rs 89,006 crore as against Rs 65,752 crore collected to date last year, which is a growth of 21.08%. The collection of securities transaction tax (STT) and wealth tax stands at Rs 2210 crore and Rs 309 crore, respectively.
Out of the above net collections, contribution by way of advance tax up to the September quarter has been Rs 1,14,324 crore which is an overall growth of 9.14%. Advance tax collections from corporates has been Rs 1,03,374 crore which is a growth of 7.97% as against previous year’s collection. This is better than the growth rate of 4.5% during the same period last year. Advance tax collections under personal income tax head is Rs 10946 crore, showing a rise of 24%.
ONGC, SBI, Reliance Industries Ltd, Life Insurance Corporation and HDFC Bank are the five top advance tax payers.