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10
December 2018
 |
Tax
(The Total Investment & Insurance Solutions)
Showing an increase of 15.7 per cent over the
last year, the gross direct tax collections till November stood at Rs 6.75 lakh
crore, according to provisional figures released on Monday.
This was despite a 50 per cent rise in filing
of income-tax returns over the last year.
The government said the collections in the
corresponding period of the last fiscal included collections under the Income
Declaration Scheme amounting to Rs 10,833 crore, which do not form part of the
current year's collections.
Of the total tax collected, refunds amounting
to Rs 1.23 lakh crore have been issued during April-November, which is 20.8 per
cent higher than refunds issued during the same period in the preceding year,
the Finance Ministry said in an official statement. The Total Investment & Insurance Solutions
"Net collections (after adjusting for
refunds) have increased by 14.7 per cent to Rs 5.51 lakh crore during April-November.
The net direct tax collections represent 48 per cent of the total Budget
Estimates (Rs 11.5 lakh crore) of direct taxes for FY19," the statement
said. The Total Investment &
Insurance Solutions
It said while the Corporate Income Tax was
growing at 17.7 per cent, Personal Income Tax collections were growing at 16
per cent.
Last week, the Central Board of Direct Taxes
(CBDT) Chairman Sushil Chandra had said that over six crore income-tax returns
had already been filed this year for the assessment year 2018-19, showing an
increase of 50 per cent over the last year. The Total Investment & Insurance Solutions
He also expressed confidence that the
government would meet the Rs 11.5 lakh crore direct tax collection target.The Total Investment & Insurance Solutions
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