Revenue from direct tax grew 13.6 percent to Rs 7.43 lakh crore in the first nine months of the current financial year 2018-19 (April-March), data released by finance ministry showed.

The tax receipt figures indicate net direct tax collection, which is arrived after adjusting refunds. The government has met more than 64.7 percent of the total budget estimate of direct taxes, for which the mop-up target is Rs 11.50 lakh crore.

Refunds issued  by the income tax department jumped by 17 percent on-year to Rs 1.30 lakh crore during April-December.

Gross tax collection grew 14.1 percent on-year to Rs 8.74 lakh crore. The number, however, includes extraordinary collections under the Income Declaration Scheme (IDS)-2016, which is Rs 10,844 crore and does not form part of the current year’s collection.

Corporate Income Tax (CIT) grew 14.8 percent, while personal income tax (PIT) grew 17.2 percent.

“After adjustment of refunds, the net growth in CIT collections is 16 percent and that in PIT collections is 14.8 percent,” the finance ministry said in a statement.

The government also collected Rs 3.64 lakh crore advance Tax, which is 14.5 percent higher than the tax collected during the same period last year.

SHARE

LEAVE A REPLY

Please enter your comment!
Please enter your name here