Direct tax collections rise 17.5% till August, Govt says
Direct tax collections in the current fiscal till August 2017 rose 17.5%, ministry of finance said.
This collection is 22.9% of the total Budget Estimates of Direct Taxes for the Financial Year 2017-18, the statement said.
Surabhi Ahluwalia, Commissioner of Income Tax and official spokesperson, CBDT said, "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," it said.