Direct tax mop-up jumps 17.5% in August

Direct tax collections has shown a growth of 17.5% up to August this year at Rs 2.24 lakh crore, which is 17.5% higher than net collections for same period last year.

This collection is 22.9% of the total Budget estimates of direct taxes for the financial year (FY) 2017-18, according to an official statement from the finance ministry.

The growth rate for corporate income tax (CIT) is 5% while for personal income tax (PIT) is 16% in terms of gross revenue collections.

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