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.
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.
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.