Direct tax collections for April-December FY19 up 14% at Rs8,74,000 cr
07 January 2019
Direct tax collections for the first nine months of the current financial year (April-March 2018-19), ie up to December 2018, show a 14.1 per cent increase in gross collections at Rs8,74,000 crore compared to collections for the corresponding period of the previous fiscal, provisional figures released by the revenue department showed.
Refunds amounting to Rs1,30,000 crore have been issued during April-December 2018-19, which is 17.0 per cent higher than refunds issued during the same period in the preceding year.
Net collections (after adjusting for refunds) have increased by 13.6 per cent to Rs7,43,000 crore during April-December 2018-19. The net direct tax collections represent 64.7 per cent of the total budget estimates of direct taxes for fiscal 2018-19 (Rs11,50,000 crore).
The collection of corporate income tax (CIT) grew 14.8 per cent during the period while that of personal income tax (including STT) grew 17.2 per cent. After adjustment of refunds, the net growth in CIT collections is 16.0 per cent and that of PIT collections is 14.8 per cent.
It may be noted that collections for the corresponding period of FY 2017-18 also included extraordinary collections under the Income Declaration Scheme (IDS), 2016 amounting to Rs10,844 crore (third and last installment of IDS), which does not form part of the current year’s collections.
An amount of Rs3,64,000 crore has been collected as advance tax, which is 14.5 per cent higher than the advance tax collections during the corresponding period of the previous fiscal. The growth rate of corporate advance tax is 12.5 per cent and that of PIT advance tax is 23.8 per cent.