New Delhi, November 7: The Central Board of Direct Taxes (CBDT) on Tuesday informed that the direct tax collections for the financial year 2017-2018 show growth of 15.2% up to October 2017. Up to September 2017, the direct tax collections for F.Y. 2017-2018 showed growth of 15.8%. The provisional figures of Direct Tax collections up to September, 2017 show that net collections are at Rs. 3.86 lakh crore which is 15.8% higher than the net collections for the corresponding period of last year.
The net direct tax collections represent 39.4% of the total Budget Estimates of Direct Taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore) while the gross collections (before adjusting for refunds) have increased by 10.3% to Rs. 4.66 lakh crore from April to September 2017. Refunds amounting to Rs.79,660 crore have been issued during April to September 2017.
According to a government press release, an amount of Rs. 1.77 lakh crore has been received as Advance Tax up to 30th September, 2017 reflecting a growth of 11.5%over the Advance Tax payments of the corresponding period of last year. The growth in Corporate Income Tax(CIT) Advance Tax is 8.1% and that in Personal Income Tax(PIT) Advance Tax is 30.1%.