Direct Tax collections rise 10% in October
Total direct tax collections in October were Rs 3.77 lakh crore which is 10.6% more than the net collections for the corresponding period last year, Income Tax department said in a release on Wednesday.
Almost half of this year's budget estimates of direct tax have been procured. “Till October, 2016, 44.5% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved,” IT department said.
Corporate Income tax (CIT) was 11.6% while that under Personal Income Tax (PIT) including Securities Transaction Tax was 18.6% up till October.
However, after adjusting for refunds, IT said that the net growth in CIT collections is 5.0% while that in PIT collections is 18.4%.
The net refunds issued to tax payers have also increase.
“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,” IT said.