Direct Tax collections up to Aug shows 17.5pct hike

The Direct Tax collections, up to this year August, continued to register steady growth, said Finance Ministry in a statement on Monday.

Direct Tax collection, net of refunds, stood at Rs. 2.24 lakh crore, which is 17.5 percent higher than the net collections for the corresponding period last year.

This collection is 22.9 percent of the total Budget Estimates of Direct Taxes for the Financial Year 2017-18, the statement further read.

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 percent, while that for PIT (including STT) is 16.0 percent.

However, according to the Finance Ministry, after adjusting for refunds, the net growth in CIT collections was 18.1 percent, while that in PIT collections is 16.5 percent.

Refunds amounting to Rs. 74,089 crore had been issued during April, 2017 to August, 2017, which were 7.2 percent lower than the refunds issued during the corresponding period of Financial Year 2016-17.