Direct Tax Collections witness increase of 15.03 pct

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 percent more than the net collections for the corresponding period last year.

Till August 2016, 22.30 percent of the Budget Estimates of direct taxes for Financial Year 2016-17 has been achieved.

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 11.55 percent while that under PIT (including STT etc.) is 24.06 percent.

However, after adjusting for refunds, the net growth in CIT collections is (-) 1.89 percent while that in PIT collections is 31.76 percent.

Refunds amounting to Rs. 77,080 crore have been issued during April-August, 2016, which is 22.18 percent higher than the refunds issued during the corresponding period last year.