Direct tax collections up 16.7% at Rs5,47,000 cr in H1 FY19
05 October 2018
Direct tax collections during the first half of the current fiscal (April-September 2018-19) increased by 16.7 per cent to Rs5,47,000 crore, provisional figures released by the revenue department showed.
The real increase in direct tax collections for H1 FY19 could exceed the projected 16.7 per cent if the extraordinary collections under the Income Declaration Scheme (IDS), 2016 amounting to Rs10,254 crore, which does not form part of the year’s collection, is excluded from the gross collections of 2017-18.
Refunds of direct tax collections amounting to Rs1,03,000 crore have been issued during April-September 2018, which is 30.4 per cent higher than refunds issued during the same period in the preceding year.
Net collections (after adjusting for refunds) have increased by 14 per cent to Rs4,44,000 crore during April-September 2018. Net direct tax collections represent 38.6 per cent of the total budget estimates of direct taxes for FY 2018-19 (Rs11,50,000 crore).
Gross collection of corporate income tax grew 19.5 per cent while that for personal income tax increased by 19.1 per cent. After adjustment of refunds, the net growth in corporate income tax collections stood at 18.7 per cent and that of personal income tax at 14.9 per cent.
Advance tax collections increased by 18.7 per cent to Rs2,10,000 crore during the period with advance collection of corporate advance tax increasing by 16.4 per cent and that of PIT by 30.3 per cent.