GROSS DIRECT TAX COLLECTION RISES 16.7% IN APRILSEPTEMBER

Gross direct tax collection in the first six months of the financial year grew 16.7% to ₹5.47 lakh crore, finance ministry said Thursday.

Refunds amounting to ₹1.03 lakh crore have been issued during April 2018 to September 2018, which is 30.4% higher than refunds issued during the same period in the preceding year.

“The provisional figures of direct tax collections up to September 2018 show that gross collections are at ₹5.47 lakh crore which is 16.7% higher than the gross collections for the corresponding period of last year,” the ministry said in a statement.

Net collections (after adjusting for refunds) have increased by 14% to ₹4.44 lakh crore during April, 2018 to September, 2018.

The net direct tax collections represent 38.6% of the total budget estimates of direct taxes at ₹11.50 lakh crore for current fiscal. Gross corporate income tax (CIT) and personal income tax (PIT) collection grew 19.5% and 19.1%. After adjustment of refunds, the net growth in CIT collections is 18.7% and that in PIT collections is 14.9%, the ministry said.

The Central Board of Direct Taxes (CBDT) has collected ₹2.10 lakh crore as advance tax, which is 18.7% higher than the advance tax collections during the corresponding period of last year.

NEWDELHI: