Direct tax collection on 10.6% to Rs.3.77 lakh cr

Direct tax collections have soared over 10 per cent during the April-October period of 2016-17 of current financial year on higher personal tax receipts.An official release said, as much as 3.77 lakh crore rupees was collected in direct taxes during the April-October period of 2016-17 which is 10.6 per cent higher than collections in the same period a year ago. It said, till October, 44.5 per cent of the Budget Estimates of direct taxes for 2016-17 have been achieved. Direct tax revenue includes corporate and personal



income tax.

The gross collection of Corporate Income Tax (CIT) grew at 11.6 per cent during the 7 months, while that under personal income tax (PIT) the growth was 18.6 per cent over the corresponding period of last fiscal.However, after adjusting for refunds, the net growth in CIT collections is 5 per cent while that in PIT collections is 18.4 per cent.It said, refunds amounting to 93,836 crore rupees have been issued during April-October, 32.2 per cent higher than issued in the year-ago period.