The Direct Tax collections up to August, 2017 in the current Financial Year 2017-18 continue to register a steady growth. Direct Tax collections, net of refunds, stands at ₹ 2.24 lakh crore which is 17.5% higher than the net collections for the corresponding period of the last year. This collection is 22.9% of the total Budget Estimates of Direct Taxes for the Financial Year 2017-18.

So far as the Growth Rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of Gross Revenue Collections is concerned, the Growth Rate for CIT is 5.0% while that for PIT (including STT) is 16.0%. However, after adjusting for refunds, the net growth in CIT collections is 18.1% while that in PIT collections is 16.5%. Refunds amounting to ₹ 74,089 crore have been issued during April, 2017 to August, 2017 which are 7.2% lower than the refunds issued during the corresponding period of Financial Year 2016-17.

Direct tax collection growth: net receipts up and refunds lower, with separate corporate and personal tax trends. Direct Tax collections through August 2017 show higher net receipts versus the prior-year period and account for a specified share of the annual Budget Estimate. Corporate and Personal Income Tax growth are reported separately on gross and net bases, with refunds reducing gross receipts and refund levels below those of the comparable prior-year period.