The figures for Direct Tax collections up to December, 2016 show that revenue net of refunds is Rs. 5.53 lakh crore which is 12.01% more than the net collections for the corresponding period last year. This collection is 65.3% of the total Budget Estimates of Direct Taxes for Financial Year 2016-17.
As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue, the growth rate under CIT is 10.7% while that under PIT (including STT) is 21.7%. However, after adjusting for refunds, the net growth in CIT collections is 4.4% while that in PIT collections is 24.6%. Refunds amounting to Rs.1,26,371 crore have been issued during April December, 2016, which is 30.5% higher than the refunds issued during the corresponding period last year.
|Direct Tax Collection Show a Growth of 12.01% Upto December|
After accounting for the third instalment of advance tax received in December, 2016, the collections under advance tax stand at Rs.2.82 lakh crore, which is 14.4% higher than the figures for the corresponding period last year. Corporate advance tax is growing at 10.6% while Personal advance tax has registered a growth of 38.2%.
( Dr. Binod K Sinha )
Commissioner of Income Tax
(Media and Technical Policy)
Official Spokesperson, CBDT.