Direct Tax Collections up to October, 2016 show an increase of 10.6%
The figures for direct tax collections up to October, 2016 show that net collections are at Rs. 3.77 lakh crore which is 10.6% more than the net collections for the corresponding period last year. Till October, 2016, 44.5% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved.
As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 11.6% while that under PIT (including STT etc.) is 18.6%. However, after adjusting for refunds, the net growth in CIT collections is 5.0% while that in PIT collections is 18.4%.
Refunds amounting to Rs. 93,836 crore have been issued during April-October, 2016, which is 32.2% higher than the refunds issued during the corresponding period last year.