Business India

April-August income tax revenue up 17.5% at Rs 2.24 lakh cr

The Indian Income Tax Department’s collections in the first five months of the current fiscal at Rs 2.24 lakh crore grew 17.5 per cent over the same period last year, an official said on Monday.

A Central Board of Direct Taxes (CBDT) statement here said the collections for the period April-August amount to 22.9 per cent of the total budget estimates of direct taxes for the current financial year.

“The direct tax collections up to August 2017 continue to register steady growth. Direct tax collection, net of refunds, stands at Rs 2.24 lakh crore which is 17.5 per cent higher than the net collections for the corresponding period of last year,” it said.

In terms of gross revenue collections, personal income tax collections (PIT) rose 16 per cent, while corporate income tax (CIT) grew 5 per cent.

“However, after adjusting for refunds, the net growth in CIT collections is 18.1 per cent while that in PIT collections is 16.5 per cent,” it said.

“Refunds amounting to Rs 74,089 crore have been issued during April, 2017 to August, 2017, which are 7.2 per cent lower than the refunds issued during the corresponding period of financial year 2016-17,” it added.

The government has targeted collection of Rs 9.80 lakh crore from direct taxes during this fiscal.

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