Speed Post News Network
New Delhi : The provisional figures of Direct Tax Collections up to November, 2018, show that gross collections are at Rs 6.75 lakh crore, 15.7% higher than the gross collections for the corresponding period last year.
Refunds amounting to Rs.1.23 lakh crore have been issued during April, 2018, to November, 2018, which is 20.8% higher than refunds issued during the same period in the preceding year. Net collections (after adjusting for refunds) have increased by 14.7% to Rs 5.51 lakh crore during April – November, 2018. The net Direct Tax collections represent 48% of the total Budget Estimates for Direct Taxes for FY 2018-19 (Rs 11.50 lakh crore).
So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) is concerned, the growth rate of Gross Collections for CIT is 17.7% while that for PIT (including STT) is 18.3%. After adjustment of refunds, the Net Growth in CIT collections is 18.4% and that in PIT collections is 16.0%.
It is pertinent to mention here that collections of the corresponding period of FY 2017-18 also included extraordinary collections under the Income Declaration Scheme (IDS), 2016, amounting to Rs 10,833 crore (Third and last instalment of IDS), which do not form part of the Current Year’s collections, according to a PIB release.