New Delhi : The government’s net direct tax collections for Apr-Sep rose 15.8% on year to 3.86 trln rupees, according to a government release. Cogencis had last week reported that the government collected 3.9 trln rupees as net direct taxes for Apr-Sep. The net direct tax collections for Apr-Sep account for 39.4% of the total Budget estimate for the current financial year ending March, the release said. In the Union Budget for 2017-18 (Apr-Mar), the government had set a target of collecting 9.80 trln rupees as direct taxes.
India’s gross direct tax collections, before the adjustment of refunds, were at 4.66 trln rupees for Apr-Sep, up 10.3% on year, the release said. India’s advance tax collections grew 11.5% on year during the first half of the current fiscal to 1.77 trln rupees, the release said.
The year-on-year growth in advance tax collections, however, was lower than expected due to a fall in GDP growth in Apr-Jun and disruptions after the launch of the goods and services tax on Jul 1, a government official had told Cogencis. India’s GDP growth slumped to a three-year low of 5.7% in the quarter ended June.
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