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The Centre’s net direct taxes collections grew 13.6 per cent in April-December 2018 to ₹7.43 lakh crore, official data released on Monday showed.
The collections represent 64.7 per cent of the ₹11.50 lakh-crore total Budget estimates of direct taxes for FY19, said a Financial Ministry statement.
Gross collections up to end-December stood at ₹8.74 lakh crore, up 14.1 per cent year-on-year. Refunds amounting to ₹1.30 lakh-crore were issued during the period, 17 per cent higher YoY.
While corporate income-tax (CIT) grew 14.8 per cent, personal income-tax (PIT) including securities transaction tax grew 17.2 per cent. After adjustment of refunds, the net growth in CIT and PIT collections is 16 per cent and 14.8 per cent respectively.
Collections in the corresponding period of FY18 had included extraordinary collections under the Income Declaration Scheme (IDS), 2016, amounting to ₹10,844 crore (third and last instalment of IDS), which do not form part of the current year’s collections.
At ₹3.6 lakh crore, the advance tax collection in the period was 14.5% higher YoY. The growth rate of corporate advance tax was 12.5 per cent and that of personal advance tax was 23.8 per cent.
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