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Direct tax collection grows by 14.8 percent

Posted on 07 July 2017,    
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Direct Tax Collections up to June, 2017 for F.Y. 2017-2018 stood at Rs.1,42 Lakh crore registering a Growth of 14.8% higher than the net collections for the corresponding period of last year; Net direct tax collections represent 14.5% of the total Budget Estimates of Rs. 9.8 lakh crore for Direct Taxes for F.Y. 2017-18. 

The provisional figures for Direct Tax collections up to June, 2017 show that net collections are at Rs. 1.42 lakh crore which is 14.8% higher than the net collections for the corresponding period of last year. Net direct tax collections represent 14.5% of the total Budget Estimates of direct taxes for F.Y. 2017-18 (Rs. 9.8 lakh crore). 

While the gross collection under Corporate Income Tax (CIT) grew at 4.8%, the growth under Personal Income Tax (PIT) including Securities Transaction Tax (STT) is 12.9%. However, after adjusting for refunds, the net growth in CIT collections is 22.4% while that in PIT is 8.5%. Refunds amounting to Rs.55,520 crore have been issued during April to June, 2017, which is 5.2% lower than the refunds issued during corresponding period of F.Y. 2016-17.

An amount of Rs. 58,783 crore has been received as Advance Tax up to 30th June, 2017 reflecting a growth of 11.9% over the Advance Tax payments of the corresponding period of last year. The growth in Corporate Advance Tax is at 8.1% and that in Personal Advance Tax is at 40.3%.

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