Direct Tax Collections shows Increase of 8.95% (upto Sept., 2016) against corresponding period last year; Till Sept. 2016 38.65% of the Budget Estimates of direct taxes for Financial Year 2016-17 has been achieved: CBDT
The figures for direct tax collections up to September, 2016 show that net collections are at Rs.3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year. Till September, 2016, 38.65% of the Budget Estimates of direct taxes for FY 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 9.54% while that under PIT (including STT etc.) is 16.85%. However, after adjusting for refunds, the net growth in CIT collections is 2.56% while that in PIT collections is 18.60%. Refunds amounting to Rs.86,491 crore have been issued during April-September, 2016, which is 26.99% higher than the refunds issued during the corresponding period last year.
Till September, 2016, advance tax collections have reached Rs.1.58 lakh crore showing a growth rate of 12.12%. The growth in Corporate advance tax is 8.14% as against 44.5% in Personal advance tax collections. The high growth rate in PIT advance tax is also due to the fact that as against 30% of annual advance tax which was payable till September installment in earlier years, from this financial year, 45% of the annual advance tax liability is to be paid by September.
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