Direct tax collections jumps to 16 % in April-November, says Finance Ministry

The direct tax collections during the first eight months of the current financial year 2018-19 are up nearly 16 percent as against the corresponding period of the last year, data released by the Finance Ministry showed.

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

The tax receipt figures indicate net direct tax collection, which is arrived after adjusting refunds. The net collections have increased by 14.7 percent to Rs. 5.51 lakh crore during the period.

The data shows that 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.

“After adjustment of refunds, the net growth in Corporate Income Tax collections is 18.4 percent and that in personal income tax collections is 16 percent, the statement said.”

Gross tax collection number, however, includes extraordinary collections under the Income Declaration Scheme -2016, which is Rs 10,833 crore and does not form part of the current year’s collection.