Direct Tax Collections for F.Y. 2018-19 up to November, 2018

Direct Tax Collections for F.Y. 2018-19 up to November, 2018

Gross collections at ₹ 6.75 lakh crore which is 15.7% higher than the gross collections for the corresponding period of last year

The Provisional Figures of Direct Tax Collections up to November, 2018 show that gross collections are at ₹ 6.75 lakh crore which is 15.7% higher than the gross collections for the corresponding period of last year.

 Refunds amounting to ₹ 1.23 lakh crore have been issued during April, 2018 to November, 2018, which is 20.8% higher than refunds issued during the same period in the preceding year. Net collections (after adjusting for refunds) have increased by 14.7% to ₹ 5.51 lakh crore during April - November, 2018. The Net Direct Tax collections represent 48% of the total Budget Estimates of Direct Taxes for F.Y. 2018-19 (Rs. 11.50 lakh crore).

So far as the Growth Rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) is concerned, the Growth Rate of Gross Collections for CIT is 17.7% while that for PIT (including STT) is 18.3%. After adjustment of refunds, the Net Growth in CIT collections is 18.4% and that in PIT collections is 16.0%. It is pertinent to mention that collections of the corresponding period of F.Y. 2017-18 also included extraordinary collections under the Income Declaration Scheme (IDS), 2016 amounting to ₹ 10,833 crore (Third and last instalment of IDS), which do not form part of the Current Year’s collections.