Net direct tax receipts up 15.8% to ₹3.86 lakh cr in AprilSeptember

NEWDELHI: Net direct tax receipts in the first half of the current financial year jumped to ₹3.86 lakh crore, a 15.8% growth from a year ago, adding up to twofifths of the targeted direct tax collection for the full year, Central Board of Direct Taxes (CBDT) said.

In the 2017-18 budget, the finance ministry had set a direct tax target of ₹9.8 lakh crore.

Prior to adjusting for refunds, gross direct tax receipts during the April-September period stood at ₹4.66 lakh crore, showing a growth of 10.3% from a year ago. The tax department has issued refunds of ₹79,660 crore so far this financial year.

A higher growth rate in net tax collection compared to gross receipts could indicate lower refunds during the period under review than a year earlier.

The tax department received ₹1.77 lakh crore as advance tax up to September 30, reflecting a growth of 11.5% over the corresponding period a year ago.

Advance corporate tax collection grew 8.1%, while advance personal income tax rose 30.1% in the period under review, said the department.

Tax collection growth usually picks up in the second half of the financial year.

IN THE 201718 BUDGET, THE FINANCE MINISTRY HAD SET A DIRECT TAX TARGET OF ₹9.8 L CRORE