Direct tax collections up 14.1% to Rs 8.74 lakh crore during April-Dec 2018

Refunds worth Rs 1.30 lakh crore have been issued during April - December period last year, which is 17 per cent higher than refunds issued during the same period in the preceding year.

The provisional figures of direct tax collections for April-December period of 2018 are at Rs 8.74 lakh crore, which is 14.1 per cent higher than the gross collections for the corresponding period of last year, said a Ministry of Finance in a release on Monday. 
 
"An amount of Rs 3.64 lakh crore has been collected as Advance Tax, which is 14.5 per cent higher than the Advance Tax collections during the corresponding period of last year. The growth rate of Corporate Advance Tax is 12.5 per cent and that of PIT (Personal Income Tax) Advance Tax is 23.8 per cent," it said. 
 
Refunds worth Rs 1.30 lakh crore have been issued during April - December period last year, which is 17 per cent higher than refunds issued during the same period in the preceding year. 
 
"Net collections (after adjusting for refunds) have increased by 13.6 per cent to Rs 7.43 lakh crore during April - December, 2018. The net Direct Tax collections represent 64.7 per cent of the total Budget Estimates of Direct Taxes for 2018-19 (Rs. 11.50 lakh crore)." 
 
The ministry noted, "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 14.8 per cent while that for PIT (including STT) is 17.2 per cent. After adjustment of refunds, the net growth in CIT collections is 16 per cent and that in PIT collections is 14.8 per cent." 
 
Source: PIB

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