Govt's direct tax kitty swells 15% to Rs1,89,000 crore in Apr-Aug
12 September 2016
Government's direct tax kitty swelled by 15.03 per cent year-on-year to Rs 1.89 lakh crore during the April-August period, on the back of robust flows of personal income tax.
Collection of direct taxes, which include personal income tax and corporate tax, in the first five months (till August 2016) increased by 22.30 per cent of the budget estimates for the full fiscal.
"The figures for direct tax collections up to August 2016 show that net revenue collections are at Rs1,89,000 crore, which is 15.03 per cent more than the net collections for the corresponding period last year," CBDT said in a statement.
Gross collection of corporate income tax grew 11.55 per cent, while collection of personal income tax increased by 24.06 per cent.
After adjusting for refunds, the net growth in corporate tax collections stood at (-) 1.89 per cent while that of personal income tax stood at 31.76 per cent.
Corporates cornered most of the Rs77,080 crore refunds issued during April-August, which is 22.18 per cent higher than the refunds issued during the corresponding period last year.
The government hopes to collect Rs8,47,000 crore from direct taxes and Rs7,79,000 crore from indirect taxes, which includes customs, excise and service tax, in 2016-17 fiscal.