Net Direct Tax collections up to March, 2017 stood at Rs. 8.47 Lakh Crore which is 14.2% more than the Net Collections for the corresponding period last year; CBDT has accomplished 100% of the direct tax target for Financial Year 2016-17.
The provisional figures for revenue collections up to March, 2017 show a gross Direct Tax collection of Rs. 10.09 lakh crore. The net collection after issue of refunds stands at Rs. 8.47 lakh crore which is 14.2% higher than the net collection for the corresponding period last year. With this the CBDT has accomplished 100% of the direct tax target for Financial Year 2016-17.
Refunds amounting to Rs. 1.62 lakh crore have been issued during April 2016-March 2017, which is 32.6% higher than the refunds issued during the same period for F.Y. 2015-16. This has substantially reduced the grievances of tax payers.
While the gross collection under Corporate Income Tax (CIT) grew at 13.1% during the year, the growth under Personal Income Tax (PIT) including Securities Transaction Tax (STT) is 18.4%. However, after adjusting for refunds, the net growth in CIT is 6.7% while that in PIT is 21.0%.