Net direct tax mop up rises 16% to Rs 9.95 lakh crore

Net direct tax collection grew 16.12 per cent to over Rs 9.95 lakh crore so far this fiscal on higher advance tax mop up.

Refunds worth over Rs 2.05 lakh crore were issued, a 56.49 per cent jump over the same period last fiscal.

The net personal income tax (PIT) collection grew 19 per cent to Rs 5.15 lakh crore between April 1 and September 17. Corporate tax collection went up 10.55 per cent to over Rs 4.52 lakh crore.

Revenues from Securities Transaction Tax (STT) stood at Rs 26,154 crore.

After taking into account refunds, net collection from PIT and corporate taxes stood at Rs 9,95,766 crore so far this fiscal, a growth of 16.12 per cent over the year-ago period.

Advance tax collection grew 22.61 per cent to Rs 4.36 lakh crore. The growth in PIT advance tax mop up was 39.22 per cent while for corporate tax, it was 18.17 per cent.

Gross direct tax collection stood at Rs 12.01 lakh crore, a growth of 21.48 per cent so far this fiscal.

The government has budgeted to collect Rs 22.12 lakh crore in the current fiscal from direct taxes (personal income tax, corporate tax and other taxes), up 13 per cent over the previous fiscal.

Rohinton Sidhwa, Partner, Deloitte India, said personal income tax continues to show strong growth and is pulling ahead of corporate income tax — a continuing trend over the last two years.