Direct Tax collections up-to August, 2017 in the current Financial Year 2017-18 show growth of 17.5%
Direct Tax collections, net of refunds, stands at Rs. 2.24 lakh crore which is 17.5% higher than the net collections for the corresponding period of the last year, read the statement.
This collection is 22.9% of the total Budget Estimates of Direct Taxes for the Financial Year 2017-18.
So far as the Growth Rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of Gross Revenue Collections is concerned, the Growth Rate for CIT is 5.0% while that for PIT (including STT) is 16.0%.
However, after adjusting for refunds, the net growth in CIT collections is 18.1% while that in PIT collections is 16.5%. Refunds amounting to Rs. 74,089 crore have been issued during April, 2017 to August, 2017 which are 7.2% lower than the refunds issued during the corresponding period of Financial Year 2016-17.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
