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Direct tax collections up by 19.1%

Staff reporter, New Delhi
10/08/2017   0 Comments

The Direct Tax collections up to July 2017 in the Current Financial Year 2017-18 continue to register steady growth. 
 
Direct Tax collection during the said period, net of refunds, stands at Rs 1.90 lakh crore which is 19.1% higher than the net collections for the corresponding period of last year. This collection is 19.5% of the total Budget Estimates (B.E.) of Direct Taxes for the Financial Year 2017-18. 
 
So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of Gross Revenue Collections is concerned, the growth rate for CIT is 7.2% while that for PIT (including STT) is 17.5%. 
 
However, after adjusting for refunds, the net growth in CIT collections is 23.2% while that in PIT collections is 15.7%. Refunds amounting to Rs 61,920 crore have been issued during April 2017 to July 2017 which are 5.1% lower than the refunds issued during the corresponding period of Financial Year 2016-17.

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