The Direct Tax collections up to February, 2017 continue
to show a steady growth trend. The collection net of refunds stands at Rs.
6.17 lakh crore, which is 10.7 % more than the net collections for
the corresponding period last year. This collection is 72.9 % of the
total Budget Estimates for Direct Taxes for Financial Year 2016-17.
As regards the
growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in
terms of Gross revenue collections, the growth rate under CIT is 11.9%
while that under PIT (including STT) is 20.8 %. However, after adjusting
for refunds, the net growth in CIT collections is 2.6 % while that in
PIT collections is 19.5 %. Refunds amounting to Rs.1.48 lakh crore
have been issued during April 2016- February 2017, which is 40.2% higher
than the refunds issued during the corresponding period last year.
DSM/VKS/KA
