Gross collections of direct taxes
have jumped 14.1 percent till December 2018 over last year to Rs. 8.74 lakh
crore. Refunds amounting to Rs.1.30 lakh
crore were issued during April 2018 to December 2018, which is 17.0% higher
than refunds issued during the same period in the preceding year. Net
collections (after adjusting for refunds) have increased by 13.6% to Rs. 7.43
lakh crore during April - December 2018. The net Direct Tax collections
represent 64.7% of the total Budget Estimates of Direct Taxes for F.Y. 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, gross
collections for CIT is 14.8% while that for PIT (including STT) is 17.2%. After
adjustment of refunds, the net growth in CIT collections is 16.0% and that in
PIT collections is 14.8%. It may be mentioned that
collections in the corresponding period of FY 2017-18 also included
extraordinary collections under the Income Declaration Scheme (IDS), 2016
amounting to Rs.10,844 crore (Third and last installment of IDS), which do not
form part of the current year’s collections. An amount of Rs. 3.64 lakh crore
has been collected as Advance Tax, which is 14.5% higher than the Advance Tax
collections during the corresponding period of last year. The growth rate of
Corporate Advance Tax is 12.5% and that of PIT Advance Tax is 23.8%.
Gross collections of direct taxes
have jumped 14.1 percent till December 2018 over last year to Rs. 8.74 lakh
crore.
Refunds amounting to Rs.1.30 lakh crore were issued during April 2018 to December 2018, which is 17.0% higher than refunds issued during the same period in the preceding year. Net collections (after adjusting for refunds) have increased by 13.6% to Rs. 7.43 lakh crore during April - December 2018. The net Direct Tax collections represent 64.7% of the total Budget Estimates of Direct Taxes for F.Y. 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, gross collections for CIT is 14.8% while that for PIT (including STT) is 17.2%. After adjustment of refunds, the net growth in CIT collections is 16.0% and that in PIT collections is 14.8%.
It may be mentioned that collections in the corresponding period of FY 2017-18 also included extraordinary collections under the Income Declaration Scheme (IDS), 2016 amounting to Rs.10,844 crore (Third and last installment of IDS), which do not form part of the current year’s collections.
An amount of Rs. 3.64 lakh crore has been collected as Advance Tax, which is 14.5% higher than the Advance Tax collections during the corresponding period of last year. The growth rate of Corporate Advance Tax is 12.5% and that of PIT Advance Tax is 23.8%.