Economy

Direct Tax Collection grows over 16.5%

Shishir Sinha New Delhi | Updated on October 04, 2018 Published on October 04, 2018

The Finance Ministry on Thursday announced that the direct tax collection has reached ₹5.47 lakh crore during the first six months of the current fiscal. This is 16.7 per cent higher than corresponding period of previous fiscal.

Direct tax comprises of Personal Income Tax (PIT), Corporate Income Tax (CIT) and Securities Transaction Tax (STT).

The Ministry mentioned that the growth rate would have been higher as the gross collections of the corresponding period last year also included extraordinary collections under third and last instalment of the Income Declaration Scheme (IDS), 2016 which amounted to ₹10,254 crore. The collection through this scheme did not form a part of the current year’s collection.

Refunds amounting to ₹1.03 lakh crore have been issued from April 2018-September 2018, which is 30.4 per cent higher than refunds issued during the same period last fiscal. Net collections (after adjusting for refunds) have increased by 14 per cent to ₹4.44 lakh crore during this year.

The Net Direct Tax collections represent 38.6 per cent of the total Budget Estimates of Direct Taxes for current fiscal (₹11.50 lakh crore).

The growth rate of gross collections for CIT is 19.5 per cent while that for PIT (including STT) is 19.1 per cent. After the adjustment of refunds, the net growth in the CIT collections is 18.7 per cent and that in the PIT collections is 14.9 per cent

An amount of ₹2.10 lakh crore has been collected as Advance Tax, which is 18.7 per cent higher than the Advance Tax collections during the corresponding period last year. The growth rate of Corporate Advance Tax is 16.4 per cent and that of PIT Advance Tax is 30.3 per cent.

Published on October 04, 2018

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