Direct Tax collections' reach 39.4% of FY18 Budget Estimates

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.