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Direct Tax Collections Up-to July, 2017 Show Growth Of 19.1%

Tax Updates (Country: India)

The Direct Tax collections up to July, 2017 continue to register steady growth.

Direct Tax collection, 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 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. (source)

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