CBDT accomplishes direct taxes collection target for FY 2016-17
April, 06th 2017
The total tax revenue target of the revised estimates for 2016-17 for both direct and indirect taxes was Rs 16.97 lakh crore, of which Rs 8.47 lakh crore was for direct tax and Rs 8.5 lakh crore from indirect tax.
The total tax revenue target of the revised estimates for 2016-17 for both direct and indirect taxes was Rs 16.97 lakh crore, of which Rs 8.47 lakh crore was for direct tax and Rs 8.5 lakh crore from indirect tax. It may be recalled that the revised estimate figures of 2016-17 were Rs 16.97 lakh crore compared to the Budget Estimates figures of Rs 16.25 lakh crore in 2016-17. As against the revised estimate, the provisional figure of tax collection is Rs 17.10 lakh crore, which is a growth of around 18% compared to last year.
The provisional figures for direct tax collections up to March 2017 show that net collections are at Rs 8.47 lakh crore, which is 14.2% more than the net collections for the corresponding period last year. This is a major increase compared to the growth rate of the previous FY. Net direct tax collections stand at Rs 8.47 lakh crore, which shows 100% achievement for FY 2016-17. You may also watch:
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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 13.1% while that under PIT (including STT) is 18.4%. However, after adjusting for refunds, the net growth in CIT collections is 6.7% while that in PIT collections is 21.0%. Refunds amounting to Rs 1.62 lakh crore have been issued during April 2016-March 2017, which is 32.6% higher than the refunds issued during FY 2015-16.