ALSO READNet income tax collection rises 14.8 pc to Rs 1.42 lk cr in Q1 Income tax revenue 'redundant'; other sources available: Swamy 25% growth in number of Income Tax Returns filed in current fiscal Advance Tax (Personal Income Tax) collections up by 41% 97.3 pc of Rs 8.24 lakh crore tax arrears difficult to recover Tax dept removes 'restraint' on sharing of info with agencies
The Direct Tax collections up to July, 2017 in the Current Financial Year 2017-18 continue to register steady growth. Direct Tax collection during the said period, net of refunds, stands at Rs. 1.90 lakh crore which is 19.1% higher than the net collections for the corresponding period of last year. This collection is 19.5% of the total Budget Estimates (B.E.) of Direct Taxes for the Financial Year 2017-18.
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 7.2% while that for PIT (including STT) is 17.5%. However, after adjusting for refunds, the net growth in CIT collections is 23.2% while that in PIT collections is 15.7%. Refunds amounting to Rs. 61,920 crore have been issued during April, 2017 to July, 2017 which are 5.1% lower than the refunds issued during the corresponding period of Financial Year 2016-17.
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