Direct tax collections surge 24% till July 2016

• Direct tax collections amounted to Rs 1.59 lakh crore up to July 2016.

• Net collections of direct taxes is 24.01% up till July 2016.

• 18.82% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved.

India's direct tax collections rose 24% this year to reach Rs 1.59 lakh crore, Ministry of Finance said. 

“Till July, 2016, 18.82% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved,” the Ministry said in a statement.  With regards to the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate was 11.65% and 31.47% respectively.

However, after adjusting for refunds, the net growth in CIT collections is 2.84% while that in PIT collections is 46.55%, the Ministry said in a statement.

Refunds amounting to Rs.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.

The Department of revenue reported direct tax collections in June 2016 at Rs 1.24 crore.
 
This was reported to be 24.79% growth over the corresponding period last year.