The government’s kitty of direct tax collection in the current financial year swelled by 18 per cent to reach around Rs 3 lakh crore, driven by robust corporation tax payments, including from advance tax.
“The net direct tax collection stood at Rs 2.96 lakh crore from April 1 to December 15 this year, a growth of 18 per cent over the year-ago period,” an official said.
During the nine-month period this year, corporation tax grew by 21.3 per cent and personal income tax rose by 16.2 per cent, as compared to the corresponding period last year.
In the Budget, the government had targeted Rs 4.30 lakh crore from direct tax for the current financial year.
The Central Board of Direct Taxes (CBDT) is confident of reaching the Budget estimate.
“As things stand now, we will definitely reach the target,” CBDT Chairman S S N Moorthy had said recently.
The advance tax collection from top 100 companies have also grown 16.3 per cent in the first three quarters of the current financial year.
Oil major ONGC has paid the maximum Rs 6,223 crore advance tax during the April-December period this year. It is 35 per cent higher than the corresponding period last year.
The advance tax given by Reliance Industries grew 37 per cent to Rs 3,150 crore during first three quarters of the current financial year.
Similarly, the tax paid by country’s largest insurer LIC stood at Rs 2,668 crore during April-December this year, an increase of 12 per cent compared to last year period.
The advance tax paid by NMDC grew by 96 per cent to Rs 2,250 crore in the first three quarters of the current financial year.
However, advance tax paid by power company NTPC registered a decline of 45 per cent to Rs 1,382 crore and SAIL’s tax slipped by 36 per cent to Rs 1,794 crore during April-December this year.
The advance tax of the country's largest lender SBI has also registered a decline of 1 per cent to Rs 4,643 crore in the first three quarters of the current financial year.
