New Delhi, Jul 16
The Direct Tax collections up to July, 2017 in the Current Financial Year 2017-18 continue to register steady growth. Direct Tax collection during the said period, net of refunds, stands at Rs. 1.90 lakh crore which is 19.1 per cent higher than the net collections for the corresponding period of last year.
This collection is 19.5 per cent of the total Budget Estimates (B.E.) 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 per cent while that for PIT (including STT) is 17.5 per cent.
However, after adjusting for refunds, the net growth in CIT collections is 23.2 per cent while that in PIT collections is 15.7 per cent.
Refunds amounting to Rs. 61,920 crore have been issued during April, 2017 to July, 2017 which is 5.1 per cent lower than the refunds issued during the corresponding period of Financial Year 2016-17.