The figures for direct tax collections upto July, 2016 show that net revenue collections are at ₹ 1.59 lakh crore which is 24.01% more than the net collections for the corresponding period last year. Till July, 2016, 18.82%of the Budget Estimates of direct taxes for FY 2016-17 has been achieved.

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 11.65% while that under PIT (including STT etc.) is 31.47%. However, after adjusting for refunds, the net growth in CIT collections is 2.84% while that in PIT collections is 46.55%. Refunds amounting to ₹ 64,181 crore have been issued during April-July, 2016, which is 10.43% higher than the refunds issued during the corresponding period last year.

Direct tax collections show significant year-on-year growth and increased refunds issued, altering net revenue composition. Direct Tax Collections to July 2016 record net revenue of 1.59 lakh crore, a 24.01% year on year increase and equating to 18.82% of FY 2016-17 Budget Estimates; refunds of 64,181 crore were issued during April-July 2016, 10.43% higher than the prior year.