Aided by robust personal income tax collections and little upswing in economic activities, net direct tax collections grew by 17.5 per cent to ?2.24 lakh crore between April and August this fiscal which is almost 23% of the total Budget estimate of the current fiscal.
“This collection is 22.9 per cent of the total Budget Estimates of Direct Taxes for the Financial Year 2017-18,” said the Finance Ministry in a statement .
The Direct Tax collections up to August, 2017 continue to register steady growth. Direct Tax collection, net of refunds, stands at Rs 2.24 lakh crore which is 17.5% higher than the net collections for the corresponding period of last year. This collection is 22.9% of the total Budget Estimates 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 5% while that for PIT (including STT) is 16%.
However, after adjusting for refunds, the net growth in CIT collections is 18.1% while that in PIT collections is 16.5%.
Refunds amounting to Rs 74,089 crore have been issued during April, 2017 to August, 2017 which are 7.2% lower than the refunds issued during the corresponding period of Financial Year 2016-17.