The government on Thursday said the net direct tax collection for the April-June period grew by 14.8% over the corresponding period last year to Rs 1.42 lakh crore. This represents 14.5% of the total budget estimates of direct taxes for FY18, which is Rs 9.8 lakh crore. While the gross collection under corporate income tax (CIT) rose by 4.8%, the personal income tax (PIT), including securities transaction tax (STT), increased by 12.9%. However, after adjusting for refunds, the net growth in CIT collections came in 22.4% while that in PIT was 8.5%, the government said in a statement. Refunds amounting to Rs 55,520 crore have been issued during April to June 2017, which is 5.2% lower than the refunds issued during the corresponding period in FY 17. The government mopped up Rs 58,783 crore as advance tax till June 30, which grew by 11.9%. The growth in corporate advance tax stood at 8.1% and that in personal advance tax was at 40.3%.
