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Net direct tax collections for the first nine months of 2017-18 rose nearly 20 per cent, aided by a robust payment of advance tax in the third tranche.
Official data released on Tuesday showed that direct tax collections shot up by 18.2 per cent in the April-December 2017 period to ₹6.56-lakh crore.
However, the mop-up remained short of budgeted targets and could put further pressure on the Centre’s fiscal position. “Net direct tax collections represent 67 per cent of the total Budget Estimates of ₹9.8-lakh crore for direct taxes for 2017-18,” said the Finance Ministry. Gross collections (before adjusting for refunds) for the period grew 12.6 per cent to ₹7.68-lakh crore.
Advance tax collections grew 12.7 per cent to ₹3.18 lakh crore. Of this, corporate advance tax rose by 10.9 per cent, while personal income tax advance tax climbed 21.6 per cent.
I-T authorities also issued ₹1.12-lakh crore in refunds during the period.
The Centre’s fiscal deficit had already overshot the budgeted target by 12 per cent and stood at ₹ 6.12-lakh crore by the end of November 2017.
Concerned by the slow collections, CBDT Chairman Sushil Chandra had last month urged field officials to work on measures to improve tax receipts. Experts said the directive seems to be bearing fruit.
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