Direct tax collections have soared 10.6 per cent in the first 7 months of current financial year on higher personal tax receipts.
As much as Rs 3.77 lakh crore was collected in direct taxes during the April-October period of 2016-17, 10.6 per cent higher than collections in the same period a year ago, a CBDT statement said.
Till October, 44.5 per cent of the Budget Estimates of direct taxes for 2016-17 have been achieved. Direct tax revenue includes corporate and personal income tax.
Direct tax collection is estimated to rise 12.64 per cent to Rs 8,47,097 crore in the current fiscal from Rs 7,52,021 crore in 2015-16.
The gross collection of Corporate Income Tax (CIT) grew at 11.6 per cent during the 7 months, while that under personal income tax (PIT) the growth was 18.6 per cent over the corresponding period of last fiscal.
“However, after adjusting for refunds, the net growth in CIT collections is 5 per cent while that in PIT collections is 18.4 per cent,” the statement said.
Refunds amounting to Rs 93,836 crore have been issued during April-October, 32.2 per cent higher than issued in the year-ago period.
From Agencies, Feature image courtesy blogspot
