File photo. Photograph:( Zee News Network )
Refunds worth Rs 1.23 lakh crore have been issued in the eight months of the current fiscal, which is 20.8 per cent higher than refunds issued in the same period last year.
Gross direct tax collections surged 15.7 per cent to Rs 6.75 lakh crore for April-November, the finance ministry said Monday. Refunds worth Rs 1.23 lakh crore have been issued in the eight months of the current fiscal, which is 20.8 per cent higher than refunds issued in the same period last year.
The provisional figures of direct tax collections up to November 2018, show that gross collections are at Rs 6.75 lakh crore which is 15.7 per cent higher than the gross collections for the corresponding period of last year, the finance ministry said in a statement.
The net direct tax collections represent 48 per cent of the total budget estimates of direct taxes for the financial year 2018-19 (Rs 11.50 lakh crore). Gross collections in corporate income tax (CIT) and personal income tax (PIT) grew 17.7 per cent and 18.3 per cent, respectively.
After adjustment of refunds, the net growth in CIT collections is 18.4 per cent and that in PIT collections is 16 per cent.
The finance ministry said collections of the corresponding period of last fiscal also included extraordinary collections under the Income Declaration Scheme (IDS), 2016, amounting to Rs 10,833 crore (third and last instalment of IDS), which do not form part of the current year’s collections.