Govt releases Rs 89500 Cr Income Tax refund till Oct, 2017
By TIOL News Service
NEW DELHI, NOV 07, 2017: THE CBDT is under stress. And the two obvious reasons are - the growing graph of refunds and the slowdown in revenue collections. Although it has managed to record about 15% growth to clock about Rs 4.4 lakh crore collections upto October, 2017 but it clearly sees tough time ahead for realising its steep buget estimates about Rs 9.8 lakh crore.
As per its Press Release, the net Direct Tax collections till October, 2017 represent 44.8% of the total Budget Estimates of Direct Taxes for F.Y. 2017-18. Gross collections (before adjusting for refunds) have increased by 10.7% to Rs.5.28 lakh crore during April-October, 2017. Refunds amounting to Rs. 89,507 crore have been issued during April, 2017 to October, 2017.
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