CBDT announces 19.1 percent growth in Direct Tax up to July

The Central Board of Direct Taxes (CBDT) on Wednesday announced the collections made under Direct Tax up to July, 2017 standing at Rs. 1.90 lakh crore which is 19.1 percent higher than the net collections for the corresponding period of last year.

The department noted that the collection is 19.5 percent of the total Budget Estimates of Direct Taxes for the Financial Year 2017-18.

However, the finance minister noted that so far, 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 percent, while that for PIT (including STT) is 17.5 percent.

After adjusting for refunds, the net growth in CIT collections is 23.2 percent while that in PIT collections is 15.7 percent. Refunds amounting to Rs. 61,920 crore have been issued during April, 2017 to July, 2017 which are 5.1 percent lower than the refunds issued during the corresponding period of Financial Year 2016-17.