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Direct Tax Collections for January, 2017 show Growth of 10.79%

The Direct tax collections up to January 2017 show a consistent growth trend.

The collection net of refunds stands at Rs. 5.82 lakh crore which is 10.79% more than the net collections for the corresponding period last year. This collection is 68.7% of the total Budget Estimates of Direct Taxes for Financial Year 2016-17.

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 11.7% while that under PIT (including STT) is 21.0%.

However, after adjusting for refunds, the net growth in CIT collections is 2.9% while that in PIT collections is 23.1%. Refunds amounting to Rs.1.41 lakh crore have been issued during April 2016-January 2017, which is 41.0% higher than the refunds issued during the corresponding period last year.

Also read:
Direct Tax Collections upto December, 2016 show Growth of 12.01% - link
Direct Tax Collections for November, 2016 show growth of 15.12 % - link

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