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Direct tax collections surge 15.7% to Rs 6.75 trillion in April-November

Gross collections in corporate income tax (CIT) and personal income tax (PIT) grew 17.7 per cent and 18.3 per cent, respectively

Press Trust of India  |  New Delhi 

money, tax, financial planning, savings

collections surged 15.7 per cent to Rs 6.75 trillion for April-November, the finance ministry said Monday.

Refunds worth Rs 1.23 trillion have been issued in the eight months of the current fiscal, which is 20.8 per cent higher than refunds issued in the same period last year.

The provisional figures of collections up to November, 2018, show that gross collections are at Rs 6.75 trillion which is 15.7 per cent higher than the gross collections for the corresponding period of last year, the finance ministry said in a statement.

The net collections represent 48 per cent of the total budget estimates of direct taxes for financial year 2018-19 (Rs 11.50 trillion).

Gross collections in corporate income tax (CIT) and (PIT) grew 17.7 per cent and 18.3 per cent, respectively.

After adjustment of refunds, the net growth in CIT collections is 18.4 per cent and that in PIT collections is 16 per cent.

The finance ministry said collections of the corresponding period of last fiscal also included extraordinary collections under the (IDS), 2016, amounting to Rs 108.33 billion (third and last instalment of IDS), which do not form part of the current year's collections.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, December 10 2018. 12:25 IST