FinMin: Gross direct tax collection grew 16.7% in Apr-Sept
NEWDELHI: 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 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.
The growth rate of corporate advance tax is 16.4% and that of PIT advance tax is 30.3%, the ministry added.
Meanwhile, activity in India’s dominant services sector eased to a four-month low in September on dwindling demand, while intensifying price pressures pointed to a bumpy road ahead, a private survey showed on Thursday.
The Nikkei/IHS Markit Services Purchasing Managers’ Index fell to 50.9 last month from 51.5 in August, and held just above the 50 mark that separates growth from contraction. The business expectations index, which measures optimism, eased from the previous month though it remained in solidly positive territory.
(With inputs from Reuters)