Direct tax collection up 19.1% in April-July

Direct tax collection was up by 19.1 per cent to Rs 1.90 lakh crore in the April-July period, the government said on Wednesday.

"Direct tax collection during the said period, net of refunds, stands at Rs 1.90 lakh crore which is 19.1 per cent higher than the net collections for the corresponding period of last year," the Finance Ministry said in a statement.

The collection up to July 2017 indicates that 19.5 per cent of the annual budget target of direct taxes (Rs 9.8 lakh crore) had been achieved, it said.

Refunds amounting to Rs 61,920 crore had been issued during April-July 2017, which is 5.1 per cent lower than the refunds issued during the corresponding period of 2016-17.

 

"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 per cent while that for PIT (including Securities Transaction Tax) is 17.5 per cent. However, after adjusting for refunds, the net growth in CIT collections is 23.2 per cent while that in PIT collections is 15.7 per cent," the statement said.

--IANS

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