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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

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Gross direct tax 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 direct tax 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 direct tax 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 personal income tax (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 Income Declaration Scheme (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.