Direct tax collections surge 14% on-year in April-December period; key figures in a nutshell

By: | Updated: January 7, 2019 1:17 PM

Gross direct tax collections were at Rs 8.74 lakh crore, up by 14.1% on year, while net direct tax collections is up 13.6% to Rs 7.43 lkah crore in the April-December period.

tax changes in 2018, income tax, tax benefits, taxable salary, changes in income tax act, Transport Allowance, conveyance allowance, TDS, CTC, Medical Reimbursement, Standard Deduction, employee's provident fund, EPF, government's contribution to EPF, tax changes,During the 9-month period, the refunds amounting to Rs 1.30 lakh crore have been issued.

The direct tax collections rose by 14.1% in the April-December period to Rs 8.74 lakh crore, in what could provide relief to the economy from a budget deficit. During the 9-month period, the refunds amounting to Rs 1.30 lakh crore have also been issued, an increase of 17% from the year-ago period, the Finance Ministry said in a statement on Monday.

“It is pertinent to mention that collections of the corresponding period of fiscal 2017-18 also included extraordinary collections under the Income Declaration Scheme (IDS), 2016 amounting to Rs 10,844 crore (third and last instalment of IDS), which do not form part of the current year’s collections,” the ministry said in a statement.

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It may be noted that collections for the same period previous fiscal also included extraordinary collections under the Income Declaration Scheme (IDS), 2016 amounting to Rs 10,844 crore (third and last instalment of IDS), the ministry added.

Standby for more, as we bring to you key figures in a nutshell.

  • Gross direct tax collections were at Rs 8.74 lakh crore, up by 14.1% on year, while net direct tax collections is up 13.6% to Rs 7.43 lkah crore in the April-December period.
  • Tax refunds came in at Rs 1.30 lakh crore, up by 17% on year.
  • The net direct tax collections represent 64.7% of the total budget estimates of the direct taxes of Rs 11.5 lakh crore for 2018-19.
  • Gross collections for corporate tax is 14.8% while that for personal income tax is 17.2%.
  • After adjustment of refunds, the net growth in corporate tax collections is 16% and that in personal income tax collections is 14.8%.

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