Direct tax collections till Sept grew 8.95% to Rs 3.27 lakh cr: Finance Ministry

Direct tax collections during the six months ended September show that net collections are at Rs.3.27 lakh crore which is 8.95 per cent 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 per cent 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 per cent while that under PIT (including STT etc.) is 16.85 per cent. However, after adjusting for refunds, the net growth in CIT collections is 2.56 per cent while that in PIT collections is 18.60 per cent. Refunds amounting to Rs 86, 491 crores have been issued during April-September, 2016, which is 26.99 per cent 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 per cent.

"The growth in corporate advance tax is 8.14 per cent as against 44.5 per cent in Personal advance tax collections. The high growth rate in PIT advance tax is also due to the fact that as against 30 per cent of annual advance tax which was payable till September instalment in earlier years, from this financial year, 45 per cent of the annual advance tax liability is to be paid by September," the Finance Ministry said in the statement.