CBDT Accomplishes Direct Taxes Collection Target For FY 2016-17

Central Board of Direct Taxes on Tuesday said that the provisional figures for revenue collections up to March 2017 showed a gross Direct Tax collection of Rs 10.09 lakh crore.

As per a notification issued by the department, the net collection after issue of refunds stands at Rs 8.47 lakh crore which is 14.2 per cent higher than the net collection for the corresponding period last year.

With this, the CBDT has accomplished 100 per cent of the direct tax target for Financial Year 2016-17.

Refunds amounting to Rs 1.62 lakh crore have been issued during April 2016-March 2017, which is 32.6 per cent higher than the refunds issued during the same period for FY 2015-16. This has substantially reduced the grievances of tax payers.

While the gross collection under Corporate Income Tax (CIT) grew at 13.1 per cent during the year, the growth under Personal Income Tax (PIT) including Securities Transaction Tax (STT) is 18.4 per cent.

However, after adjusting for refunds, the net growth in CIT is 6.7 per cent while that in PIT is 21.0 per cent.

With inputs from ANI