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Business News » India News

Direct tax collections up 15%, at nearly Rs 2 lakh crore

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Direct tax collections up 15%, at nearly Rs 2 lakh crore
Finance Minister, Arun Jaitley speaking at "The Economist India Summit" in New Delhi Image Source: PTI

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.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Union BudgetFinance MinisterArun JaitleyDirect Taxdirect tax collectionsEconomyCorporate Income Tax (CIT)Personal Income Tax (PIT)
Written By: ZeeBiz WebTeam
Updated: Mon, Sep 12, 2016
10:59 am
Mumbai, ZeeBiz WebDesk
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