Direct Tax Receipts At 38.6% Of Total Budget Estimates In H1FY19

In the first half of the financial year 2018-19, the gross direct tax collection increased by 16.7% to Rs. 5.47 lakh crore. The finance ministry in a statement said, "The provisional figures of direct tax collections up to September 2018 show that gross collections are at Rs 5.47 lakh crore which is 16.7 per cent higher than the gross collections for the corresponding period of last year".

During the same period, net direct tax receipts after accounting for refunds issued grew 14% to Rs 4.44 lakh crore. Refunds totaling to as much as Rs. 1.03 lakh crore have been issued during April-September 2018, which is higher by 30.4% in comparison to refunds issued during the corresponding period last year.

Gross personal income tax and corporate income tax also registered an increase of 19.1% and 19.5% respectively. After adjusting refunds issued, the net increase in corporate income tax and personal income tax collection is 18.7% and 14.9%, respectively.

The net direct tax collection during the period stood at 38.6% of the total budgeted estimate for direct taxes at Rs. 11.50 lakh crore for the ongoing fiscal.

The advance tax collections have also grew by 18.7% to Rs. 2.10 lakh crore. The ministry added, the growth rate in corporate advance tax is 16.7% while for personal income tax advance tax is 30.3% during April-September period.

Also, the ministry said that during the corresponding period last year, the gross collection also included collections as part of the last installment of the Income Declaration Scheme (IDS), 2016 that amounted to as much as Rs 10,254 crore.

With PTI Inputs