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

Author: IANS/Tuesday, September 12, 2017/Categories: Tax

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

New Delhi - 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% over the same period last year, an official said.

A Central Board of Direct Taxes (CBDT) statement said the collections for the period April-August amount to 22.9% 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% 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%, while corporate income tax (CIT) grew 5%.

"However, after adjusting for refunds, the net growth in CIT collections is 18.1% while that in PIT collections is 16.5%," it said.

"Refunds amounting to Rs 74,089 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," it added. 

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

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