Direct Tax Collections shows Increase of 15.12% (upto Nov. 2016) against corresponding period last year; 48.67% of the Budget Estimates of direct taxes for Financial Year 2016-17 have been achieved till Nov. 2016 : CBDT
The figures for Direct Tax collections up to November, 2016 show that net collections are at Rs. 4.12 lakh crore which is 15.12% more than the net collections for the corresponding period last year. This collection is 48.67% of the total Budget Estimates of Direct Taxes for F.Y. 2016-17.
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 11.22% while that under PIT (including STT) is 22.41%. However, after adjusting for refunds, the net growth in CIT collections is 8.75% while that in PIT collections is 23.89%. Refunds amounting to Rs.1,05,561 crore have been issued during April~November, 2016, which is 17.35% higher than the refunds issued during the corresponding period last year. To view/ download pdf copy of CBDT’s Press Release, please refer below: