Direct tax collections jump 16% in April-November period

By: |
Updated: Dec 10, 2018 12:30 PM

In a boost to the government, the direct tax collections during April-November period are up nearly 16 percent as against the corresponding period of the last year.

inflation rate, inflation proof investment, target equities, equity mutual funds, dividend paying stocks, inflation indexed bonds, business news in hindiThe refunds to the tune of Rs 1.23 lakh crore have been issued, which is 20.8 percent higher than refunds issued during the given period last year, the data showed. (Reuters)

In a boost to the government, the direct tax collections during April-November period are up nearly 16 percent as against the corresponding period of the last year. The provisional figures are at Rs. 6.75 lakh crore which is 15.7 percent higher than the gross collections for the preceding period, the government data showed.

“The provisional figures of direct tax collections up to November, 2018, show that gross collections are at Rs 6.75 lakh crore which is 15.7 per cent higher than the gross collections for the corresponding period of last year,” the finance ministry said in a statement.

The refunds to the tune of Rs 1.23 lakh crore have been issued, which is 20.8 percent higher than refunds issued during the given period last year, the data showed.

Also read: Share market LIVE updates: Sensex down 600 pts, Nifty nears 10,500 as exit polls, global sell-off weigh

The net collections (after adjusting for refunds) have surged by 14.7 percent to Rs. 5.51 lakh crore during the period. The net direct tax collections represent 48 percent of the total budget estimates of direct taxes for FY 19 (Rs 11.50 lakh crore).

The finance ministry said collections of the corresponding period of last fiscal also included extraordinary collections under the Income Declaration Scheme (IDS), 2016, amounting to Rs 10,833 crore (third and last instalment of IDS), which do not form part of the current year’s collections.

Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1I-T dept moves Supreme Court in Bharti Airtel GST refund case
2Kharif 2019: A third of Fasal Bima claims not honoured
3Covid could make microfinance repayments contactless: R Baskar Babu, MD and CEO, Suryoday Small Finance Bank