Direct tax collections grew 15.12% upto Nov, at Rs.4.12 lakh cr

The Dollar Business Bureau

The Ministry of Finance has brought out a press release detailing the Direct and Indirect tax collections upto November, 2016. These figures denote the pre-demonetisation collections.

The release says the figures for Direct Tax Collections are Rs.4.12 lakh crore up to last month of this year, which is an increase of 15.12% compared to the corresponding period last year.

“Till November, 2016, 48.67% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved,” said an official release on Friday.

In terms of gross collections of revenue, Corporate Income Tax (CIT) grew 11.22% while Personal Income Tax (PIT) recorded a growth rate of 22.41%, it said.

However, after refunds adjustment, CIT’s net growth in collections is about 8.75% whereas collections under PIT have grown at 23.89%. 

During the April-November period, Rs.1,05,561 crore worth of refunds have been issued, which is 17.35% more than the refunds issued during the same period last year, it added.