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Friday, 7 July 2017

The provisional figures for Direct Tax collections up to June 2017 showed that net collections stood at Rs 1.42 lakh crore, which was 14.8% higher than the net collections for the corresponding period in 2016, said a Finance Ministry release on Thursday.

Net direct tax collections represent 14.5% of the total budget estimates of direct taxes for FY2017-18 (Rs 9.8 lakh crore).

While the gross collection under Corporate Income Tax (CIT) grew at 4.8%, the growth under Personal Income Tax (PIT) including Securities Transaction Tax (STT) was 12.9%. However, after adjusting for refunds, the net growth in CIT collections is 22.4% while that in PIT was 8.5%. 

Refunds amounting to Rs 55,520 crore have been issued during April to June, 2017, which was 5.2% lower than the refunds issued during the corresponding period of FY2016-17.

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