"The net direct tax collection figures can touch Rs 3,00,000 crore this fiscal, crossing indirect tax collection for the first time, if the current growth of over 40 per cent is maintained," sources said.

During April 1-September 15 this year, the advance tax collection is estimated to have touched Rs 57,000 crore as against Rs 43,000 core last year, they said.

Public sector oil major ONGC has emerged as the highest tax payer so far by depositing Rs 3,400 crore advance tax by September 15, the sources said.

The gross tax collection is estimated to be Rs 1,26,000 crore by September 15 this year, as against about Rs 94,000 crore in the same period last year.

Meanwhile, refund of overpaid taxes was at the same level of around Rs 17,000 crore, the sources said.

The government has set a target Rs 5,48,122 crore tax collection as against Rs 4,67,848 crore (budget estimates) in the previous fiscal, representing an increase of over 17 per cent. The targeted amount includes Rs 2,67,490 crore through direct tax collection.