CBDT update on Direct Tax Collections: Increase of 10.7% (upto Feb. 2017) against corresponding period last year; 72.9% of the Budget Estimates of direct taxes for Financial Year 2016-17 have been achieved till Feb. 2017; Net growth in Corporate Income Tax at 2.6%; Net growth in Personal Income Tax at 19.5%
The Direct Tax collections up to February, 2017 continue to show a steady growth trend. The collection net of refunds stands at Rs. 6.17 lakh crore, which is 10.7 % more than the net collections for the corresponding period last year. This collection is 72.9 % of the total Budget Estimates for Direct Taxes for Financial Year 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 11.9% while that under PIT (including STT) is 20.8 %.However, after adjusting for refunds, the net growth in CIT collections is 2.6 % while that in PIT collections is 19.5 %. Refunds amounting to Rs.1.48 lakh crore have been issued during April 2016- February 2017, which is 40.2% higher than the refunds issued during the corresponding period last year.