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

According to the ministry, Direct Tax collections up to February, 2017 showed a steady growth trend.

Collection net of refunds was Rs. 6.17 lakh crore, up 10.7 per cent over net collections for the corresponding period last year.

This collection is 72.9 per cent of the total Budget Estimates for Direct Taxes for Financial Year 2016-17.

The ministry said that in terms of gross revenue collections, the growth rate under Corporate Income Tax (CIT) is 11.9 per cent while that under Personal Income Tax (PIT) (including STT) was 20.8 per cent.

However, after adjusting for refunds, the net growth in CIT collections was 2.6 per cent while that in PIT collections was 19.5 peer cent, according to the ministry.

Refunds amounting to Rs.1.48 lakh crore have been issued during April 2016- February 2017, which is 40.2 per cent higher than the refunds issued during the corresponding period last year.

The Union Finance Ministry said that figures for Indirect Tax collections (Central Excise, Service Tax and Customs) up to February 2017 showed that net revenue collection was Rs 7.72 lakh crore, up 22.2 per cent over the net collections for the corresponding period last year.

Till February 2017, about 90.9 per cent of the Revised Estimates (RE) of Indirect Taxes for Financial Year 2016-17 has been achieved, the minsitry said in its release.

As regards Central Excise, net tax collections stood at Rs. 3.45 lakh crore during April-February, 2016-17 as compared to Rs.2.53 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 36.2 per cent.

Net Tax collections on account of Service Tax during April-February, 2016-17 stood at Rs. 2.21 lakh crore as compared to Rs.1.83 lakh crore during the corresponding period in the previous Financial Year, thereby registering a growth of 20.8 per cent.

Net Tax collections on account of Customs during April-February 2016-17 stood at Rs. 2.05 lakh crore as compared to Rs. 1.94 lakh crore during the same period in the previous Financial Year, thereby registering a growth of 5.2 per cent.

During February 2017, the ministyr said that net indirect tax grew at the rate of 8.4 per cent compared to corresponding month last year.

The growth rate in net collection for Customs, Central Excise and Service Tax was 10.9 per cent, 7.4 per cent and 7.6 cent, respectively, during February 2017, compared to the corresponding month last year.