Direct Tax Collections Up 24% So Far This Fiscal
The collections comprised corporate income tax at Rs 4.16 lakh crore and personal income tax at Rs 4.47 lakh crore.
The Union government has achieved 46% of its budgetary direct tax target, with net collections of Rs 8.65 lakh crore after the receipt of the second installment of advance tax.
The annual budgetary direct tax target, comprising corporate and personal income tax, is fixed at Rs 18.23 lakh crore.
Net direct tax collections came in at Rs 8,65,117 crore, a 24% increase as compared with Rs 7,00,416 crore over the same period in the previous fiscal, according to a release by the Central Board of Direct Taxes on Monday.
The collections comprised corporate income tax at Rs 4.16 lakh crore and personal income tax, including securities transaction tax, at Rs 4.47 lakh crore—both net of refunds.
The budgetary estimate for CIT and PIT in the current fiscal is Rs 9,22,675 crore and Rs 9,00,575 crore, respectively.
Advance Tax Grows 21%
The advance tax mop-up from the start of the fiscal till Sept. 16 stood at Rs 3.55 lakh crore, a growth of 21% as compared with the corresponding period last fiscal. Out of this, the CIT was approximately Rs 2.81 lakh crore and the PIT was Rs 74,858 crore.
Advance tax is paid in four installments throughout the year, with the second quarter amounting to 45% of the evaluated tax liabilities of companies and individuals for the particular fiscal.
Categorywise tax collections, as of Sept. 16, are as follows:
Gross direct tax: Rs 9,87,061 crore (18% increase annually).
Net direct tax collection: Rs 8,65,117 crore (24% increase).
Advance tax: Rs 3,55,481 crore (21% growth).
Tax deducted at source: Rs 5,19,696 crore.
Self-assessment tax: Rs 82,460 crore.
Regular assessment tax: Rs 21,175 crore.
Tax under other minor heads: Rs 8,248 crore.
Refunds amounting to approximately Rs 1.22 crore have been issued till the second quarter.
