Direct Tax collections' reach 39.4% of FY18 Budget Estimates

In the Union Budget 2017, the government has fixed direct collections target at Rs 9.8 lakh crore. So far, the govt has received Rs 3.86 lakh crore between April - September 2017.

Finance, Defence and Corporate Affairs Minister Arun Jaitley gestures as he addresses ''Delhi Economics Conclave-2017 ''. Photo: PTI

Between April - September 2017, India's net direct tax collections stood at Rs 3.86 lakh crore witnessing growth of 15.8% compared to the collections for the corresponding period of the previous year.

With this, net direct tax collections have reached 39.4% of the total budget estimates for the current fiscal year 2017-18 (FY18) - which is set at Rs 9.8 lakh crore.

Data presented by the Ministry of Finance revealed that gross collections before adjusting refunds were at Rs 4.66 lakh crore between April - September 2017, higher by 10.3% on year-on-year (YoY) basis.

Refunds amounted to Rs 79,660 crore during the period.

Of the total, Rs 1.77 lakh crore belonged to advance tax up to September 2017 - showcasing growth of 11.5% yoy.

Both corporate income tax (CIT) and personal income tax (PIT) of advance tax reflected growth of 8.1% yoy and 30.1% yoy respectively.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.