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Direct Tax Collections up to September, 2016 up by 8.95%

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, 9th October, 2016.

PRESS RELEASE

Sub: Direct Tax Collections up to September, 2016 up by 8.95%

The figures for direct tax collections up to September, 2016 show that net collections are at Rs.3.27 lakh crore which is 8.95% more than the net collections for the corresponding period last year. Till September, 2016, 38.65% of the Budget Estimates of direct taxes for FY 2016-17 has been achieved.

As regards the growth rates for Corporate Income Tax (CIT) and Personal Income Tax (PIT), in terms of gross revenue collections, the growth rate under CIT is 9.54% while that under PIT (including STT etc.) is 16.85%. However, after adjusting for refunds, the net growth in CIT collections is 2.56% while that in PIT collections is 18.60%. Refunds amounting to Rs.86,491 crore have been issued during April-September, 2016, which is 26.99% higher than the refunds issued during the corresponding period last year.

Till September, 2016, advance tax collections have reached Rs.1.58 lakh crore showing a growth rate of 12.12%. The growth in Corporate advance tax is 8.14% as against 44.5% in Personal advance tax collections. The high growth rate in PIT advance tax is also due to the fact that as against 30% of annual advance tax which was payable till September instalment in earlier years, from this financial year, 45% of the annual advance tax liability is to be paid by September.

(Meenakshi J Goswami)
Commissioner of Income Tax
(Media and Technical Policy)
Official Spokesperson, CBDT

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