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20 September, 2017 18:29 IST
Direct Tax collections up 17.5% April-August 2017
Source: IRIS | 12 Sep, 2017, 10.52AM
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The Direct Tax collections up to August, 2017 in the current Financial Year 2017-18 continue to register a steady growth. Direct Tax collections, net of refunds, stands at Rs 2.24 lakh crore which is 17.5% higher than the net collections for the corresponding period of the 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 5.0% while that for PIT (including STT) is 16.0%.

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. 740.89 billion 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.

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