Refunds decline 7.2% to Rs 74089 crore in April-August 2017
India's direct tax collections have continued to register a steady growth up to August 2017 in the current Financial Year 2017-18. Direct tax collections, net of refunds, stands at Rs 2.24 lakh crore which is 17.5% higher than the net collections for the corresponding period of the last year. This collection is 22.9% of the total Budget Estimates of Direct Taxes for the Financial Year 2017-18.So far as the Growth Rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of Gross Revenue Collections is concerned, the Growth Rate for CIT is 5.0%, while that for PIT (including STT) is 16.0%. However, after adjusting for refunds, the net growth in CIT collections is 18.1% while that in PIT collections is 16.5%.
Refunds amounting to Rs 74089 crore have been issued during April 2017 to August 2017, which are 7.2% lower than the refunds issued during the corresponding period of Financial Year 2016-17.
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