Direct tax collections surge 15.7% to Rs 6.75 lakh cr in April-November

Refunds worth Rs 1.23 lakh crore have been issued in the eight months of the current fiscal, which is 20.8 percent higher than refunds issued in the same period last year.

New Delhi: Gross direct tax collections surged 15.7 percent to Rs 6.75 lakh crore for April-November, the Finance Ministry revealed on Monday.

"Direct Tax Collections up to November, 2018 show that gross collections are at Rs. 6.75 lakh crore which is 15.7% higher than the gross collections for the corresponding period of last year," an official release said.

Refunds amounting to Rs 1.23 lakh crore have been issued during April to November, which is 20.8 percent higher than refunds issued during the same period in the preceding year. Net collections (after adjusting for refunds) have increased by 14.7 percent to Rs. 5.51 lakh crore during April - November, 2018. The Net Direct Tax collections represent 48 percent of the total Budget Estimates of Direct Taxes for F.Y. 2018-19 (Rs. 11.50 lakh crore).

So far as the Growth Rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) is concerned, the Growth Rate of Gross Collections for CIT is 17.7 percent while that for PIT (including STT) is 18.3 percent.

After adjustment of refunds, the Net Growth in CIT collections is 18.4 percent and that in PIT collections is 16.0 percent. It is pertinent to mention that collections of the corresponding period of F.Y. 2017-18 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.