Direct tax collections up to February show growth of 10.7%

By: | Published: March 10, 2017 3:29 PM

The Central Board of Direct Taxation (CBDT) on Friday reported that the direct tax collections up to February 2017 continued to show an steady growth trend.

Refunds amounting to Rs.1.48 lakh crore have been issued during April 2016- February 2017, which is 40.2 percent higher than the refunds issued during the corresponding period last year.

The Central Board of Direct Taxation (CBDT) on Friday reported that the direct tax collections up to February 2017 continued to show an steady growth trend.

“The collection net of refunds stands at Rs. 6.17 lakh crore, which is 10.7 percent more than the net collections for the corresponding period last year. This collection is 72.9 percent of the total Budget estimates for direct taxes for Financial Year 2016-17,” CBDT said in a statement.

It added that the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, showcased growth with rate under CIT being 11.9 percent while that under PIT (including STT) is 20.8 percent.

However, after adjusting for refunds, the net growth in CIT collections is 2.6 percent while that in PIT collections is 19.5 percent. Refunds amounting to Rs.1.48 lakh crore have been issued during April 2016- February 2017, which is 40.2 percent higher than the refunds issued during the corresponding period last year.

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Meanwhile the figures for indirect tax collections (Central Excise, Service Tax and Customs) up to February 2017 showed that net revenue collections are at Rs 7.72 lakh crore, which is 22.2% more than the net collections for the corresponding period last year. Till February 2017, about 90.9% of the Revised Estimates (RE) of indirect taxes for Financial Year 2016-17 has been achieved.

As regards Central Excise, net tax collections stood at Rs. 3.45 lakh crore during April-February, 2016-17 as compared to Rs.2.53 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 36.2%.

Net tax collections on account of Service Tax during April-February, 2016-17 stood at Rs. 2.21 lakh crore as compared to Rs.1.83 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 20.8%.

Net tax collections on account of Customs during April-February 2016-17 stood at Rs. 2.05 lakh crore as compared to Rs. 1.94 lakh crore during the same period in the previous Financial Year, thereby registering a growth of 5.2%.

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During February 2017, the net indirect tax grew at the rate of 8.4% compared to corresponding month last year. The growth rate in net collection for Customs, Central Excise and Service Tax was 10.9%, 7.4% and 7.6% respectively during the month of February 2017, compared to the corresponding month last year.

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