The Union government's advance tax collection in this financial year surged 22.6% to Rs 4.36 lakh crore till Sept. 17, indicating a sustained momentum in the economy and strong corporate performance
The advance tax mop-up included corporate tax of Rs 3.31 lakh crore and personal income tax of Rs 1.04 lakh crore between April 1 and Sept. 17, data from the Income Tax Department showed.
The net direct tax was up 16.1% to Rs 9.95 lakh crore. Gross direct tax collections before refunds were up 21.5% to Rs 12.01 lakh crore.
The total tax receipts reached 45% of the target of Rs 22.07 lakh crore for the current fiscal. The growth rate of tax collection was also higher than what anticipated to achieve budget estimates.
Direct tax refunds rose 56.5% to Rs 2.05 lakh crore till Sept. 17, while the securities transaction tax jumped 96% to Rs 26,200 crore.
“Personal income tax continues to show strong growth and is pulling ahead of corporate income tax, a continuing trend over the last two years," Rohinton Sidhwa, partner at Deloitte India, said. "Advance tax also shows strong growth over the previous year, indicating the inherent strength and growth of the economy."
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