PM Modi's FEAR..Income Tax deposits rise 30%

New Delhi, Oct 11: India’s direct tax collections for April-September rose 15.8% to ₹3.86 lakh crore, buoyed by a healthy growth in advance tax mop-up, the Finance Ministry said.

The net direct tax collections constitute 39.4% of the total budget estimate of direct taxes at ₹9.8 lakh crore for the current fiscal. The provisional figures of direct tax up to September 2017 show that net collections stood at ₹3.86 lakh crore which is 15.8% higher than the corresponding period last year, the finance ministry said in a statement.

Advance tax collections till September stood at ₹1.77 lakh crore, reflecting a growth of 11.5% over the corresponding period a year ago.

The growth in Corporate Income Tax (CIT) Advance Tax is 8.1% and that in Personal Income Tax (PIT) Advance Tax is 30.1% .

Refunds amounting to ₹79,660 crore have been issued during April-September 2017. Gross direct tax collections (before adjusting for refunds) have increased by 10.3% to ₹4.66 lakh crore during April- September, 2017.