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04 October
2018
 |
Tax
(The Total Investment & Insurance Solutions)
Gross direct tax collection in the first six
months of the financial year grew 16.7 per cent to Rs 5.47 lakh crore, Finance
Ministry said Thursday.
Refunds amounting to Rs 1.03 lakh crore have
been issued during April 2018 to September 2018, which is 30.4 per cent higher
than refunds issued during the same period in the preceding year.
“The provisional figures of direct tax
collections up to September 2018 show that gross collections are at Rs 5.47
lakh crore which is 16.7 per cent higher than the gross collections for the
corresponding period of last year,” the ministry said in a statement.
Net
collections (after adjusting for refunds) have increased by 14 per cent to Rs
4.44 lakh crore during April, 2018 to September, 2018.
The net direct tax collections represent 38.6
per cent of the total budget estimates of direct taxes at Rs. 11.50 lakh crore
for current fiscal.
Gross corporate income tax (CIT) and personal
income tax (PIT) collection grew 19.5 per cent and 19.1 per cent. After
adjustment of refunds, the net growth in CIT collections is 18.7 per cent and
that in PIT collections is 14.9 per cent, the ministry said.
The Central Board of Direct Taxes (CBDT) has
collected Rs 2.10 lakh crore as advance tax, which is 18.7 per cent higher than
the advance tax collections during the corresponding period of last year.
The growth rate of corporate advance tax is
16.4 per cent and that of PIT advance tax is 30.3 per cent, the ministry added.
The ministry further said that gross
collections of the corresponding period of last fiscal (2017-18) also included
extraordinary collections under last instalment of the Income Declaration
Scheme (IDS), 2016, amounting to Rs 10,254 crore, which does not form part of
the current year's collection. The
Total Investment & Insurance Solutions
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