Direct tax collections for the first nine months of the FY 2018-19 clocked a 14% YoY growth. The government on Monday citing provisional data said that gross direct tax collection came in at Rs. 8.74 lakh crore during April to December 2018. Also, the amount of refunds issued during the period registered an increase of 17% to amount Rs. 1.30 lakh crore.
The government further said that the net collections after adjusting for refunds rose 13.6% to Rs. 7.43 lakh crore during the same period. Net direct tax collections till December account for 64.7% of the overall budget estimates of Rs. 11.50 lakh crore for direct taxes for the financial year 2018-19.
The collection of advance tax also rose by 14.5% in comparison to the year-ago period to Rs. 3.64 lakh crore. Within the category, personal income tax (PIT) advance tax surged by 23.8% while corporate advance tax clocked a growth of 12.5% during the same period.