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Direct tax collection rises up to 15%

The collection reaches about Rs 1.89 lakh crore in the period of April-August

Policy Pulse
Publish Date: Sep 12 2016 11:53AM | Updated Date: Sep 12 2016 11:53AM

Direct tax collection rises up to 15%

Collections of direct tax have grown 15.03 per cent which is equal to Rs 1.89 lakh crore, during the April-August period. Most of the collections were derived from personal income tax. 

 

Direct taxes, which include corporate income tax and personal income tax, are considered as the collection in the first five months which is from April till August. These are 22.30 per cent of Budget estimates for the full fiscal. 

 

"The figures for direct tax collections up to August, 2016 show that net revenue collections are at Rs 1.89 lakh crore which is 15.03 per cent more than the net collections for the corresponding period last year," a statement of CBDT said.

 

Gross collection of Corporate Income Tax (CIT) grew at 11.55 per cent, while that under personal income tax (PIT) it was 24.06 per cent. However, after adjusting for refunds, the CIT collections is (-)1.89 per cent while PIT collections is 31.76 per cent. 

 

Refunds amounting to Rs 77,080 crore have been issued during April-August, which is 22.18 per cent higher than the refunds issued during the corresponding period last year.

 

The government hopes to collect Rs 8.47 lakh crore from direct taxes and Rs 7.79 lakh crore from indirect taxes, which includes customs, excise and service tax, in 2016-17 fiscal.