Direct tax collections jump 16% to Rs 3.86 lakh crore till September

New Delhi: The Indian Income Tax Department`s collections in the first six months of the current fiscal at Rs 3.86 lakh crore grew 15.8 per cent over the same period last year, an official statement said on Wednesday.

A Central Board of Direct Taxes (CBDT) statement here said the collections for the period April-September amount to 39.4 per cent of the total budget estimates of direct taxes for the current financial year.

"The provisional figures of direct tax collections up to September, 2017 show that net collections are at Rs 3.86 lakh crore which is 15.8 per cent higher than the net collections for the corresponding period of last year," it said.

Gross collections (before adjusting for refunds) have increased by 10.3 per cent to Rs 4.66 lakh crore during April to September. 

"Refunds amounting to Rs 79,660 crore have been issued during April to September, 2017," it added.

An amount of Rs 1.77 lakh crore has been received as advance tax up to September 30, reflecting a growth of 11.5 per cent over the advance tax payments of the corresponding period of last year.

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 government has targeted collection of Rs 9.8 lakh crore from direct taxes during this fiscal.