Gross direct tax collections in Apr-Sep FY19 up 17% YoY to Rs 5.47 trillion
New Delhi : The government’s gross direct tax collections in the first six months of the current financial year rose 16.7 per cent over a year earlier to Rs 5.47 trillion, showed provisional figures released by the finance ministry on Thursday.
The jump seen in the numbers is substantial, especially as corresponding figures in the April-September period of 2017 had also included Rs 102.54 billion as extraordinary collections under the Income Declaration Scheme (IDS), 2016.
Also, at Rs 1.03 trillion, refunds issued between April and September 2018 were 30.4 per cent higher than those in the same period last year. The collections during the period, on a net basis after adjusting for refunds, are up 14 per cent to Rs. 4.44 trillion.
Net direct tax collections in April-September 2018 were 38.6 per cent of the total Budget Estimates for direct taxes during full 2018-19 (Rs 11.50 trillion).
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 was 18.7 per cent and that in PIT collections was 14.9 per cent, the ministry said.
The Central Board of Direct Taxes (CBDT) collected Rs 2.10 trillion as advance tax, which was 18.7 per cent higher than the advance tax collections during the corresponding period of last year.
The growth rate of corporate advance tax was 16.4 per cent and that of PIT advance tax was 30.3 per cent, the ministry added.