The Direct Tax
collections up to February, 2017 continue to show a steady growth trend.
The collection net of refunds stands at Rs. 6.17 lakh crore, which is
10.7 % more than the net collections for the corresponding period last
year. This collection is 72.9 % of the total Budget Estimates for 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 collections, the growth rate
under CIT is 11.9% while that under PIT (including STT) is 20.8 %.
However, after adjusting for refunds, the net growth in CIT collections
is 2.6 % while that in PIT collections is 19.5 %. Refunds amounting to
Rs.1.48 lakh crore have been issued during April 2016- February 2017,
which is 40.2% higher than the refunds issued during the corresponding
period last year.