Direct Tax Collections up to February, 2017 show growth of 10.7%

Net growth in Corporate Income Tax at 2.6%

Net growth in Personal Income Tax at 19.5%

The Direct Tax collections up to February, 2017 continue to show a steady growth trend. The collection net of refunds stands at ₹ 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.

Direct tax growth shows stronger net personal income tax gains despite modest corporate tax net increase. Up to February 2017, Direct Tax collections net of refunds increased year on year and represent a substantial proportion of the 2016-17 Budget Estimates. Gross receipts show stronger growth in both Corporate Income Tax and Personal Income Tax, but after refunds the net growth for Corporate Income Tax is modest while Personal Income Tax retains strong net growth; refunds issued in April-February materially offset gross collections and have risen notably from the prior year.