Direct tax collections up 15%, at nearly Rs 2 lakh crore
India's direct tax collections for the current fiscal year (April 1 to August 31) has increased by 15% to reach Rs 1.89 lakh crore.
The figures for direct tax collections up to August, 2016 show that net revenue collections are at Rs. 1.89 lakh crore which is 15.03% more than the net collections for the corresponding period last year, Ministry of finance said.
Four months of this financial year 2016-17 has covered 22.30% of the Budget Estimates of direct taxes, the Ministry stated.
The growth rate under Corporate Income Tax (CIT) was 11.55% however, after adjusting for refunds, the net growth in CIT collections was down 1.89%.
While that under Personal Income Tax (PIT) (including STT etc.) was 24.06% which was 31.76% after refunds.
The Ministry stated that refunds amounting to Rs. 77,080 crore have been issued during April-August, 2016, which is 22.18% higher than August 2015.