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.
04:13 PM IST
Direct Tax Collection stands at Rs 6.75 lakh crore in November 2018; personal tax rises by 16%
Direct tax collections up to January FY18 rise 19.3%
How will RBI read the upcoming Budget? 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.
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