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Direct Tax Collections Up-to August, 2017 Show Growth Of 17.5%

Tax Updates (Country: India)

CBDT, 11-Sep-2017: 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 5.0% 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. 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.

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