Direct tax collections till September at Rs 5.47 lakh crore

New Delhi: The gross direct tax collections for the first half of the current fiscal stood at Rs 5.47 lakh crore, 16.7 per4cent higher than the gross collections for the corresponding period of last year according to provisional figures released by the government.

Refunds amounting to Rs 1.03 lakh crore have been issued during April, 2018 to September, 2018, which is 30.4 percent higher than refunds issued during the same period in the preceding year. Net collections (after adjusting for refunds) have increased by 14 percent to Rs 4.44 lakh crore during April, 2018 to September, 2018.

The net Direct Tax collections represent 38.6 percent of the total Budget Estimates of Direct Taxes for FY 2018-19 (Rs 11.50 lakh crore).

The growth rate of gross collections for Corporate Income Tax (CIT) is 19.5 percent while that for Personal Income Tax (PIT) (including STT) is 19.1 percent. After adjustment of refunds, the net growth in CIT collections is 18.7 percent and that in PIT collections is 14.9 percent.

An amount of Rs 2.10 lakh crore has been collected as Advance Tax, which is 18.7 percent higher than the Advance Tax collections during the corresponding period of last year. The growth rate of Corporate Advance Tax is 16.4 percent and that of PIT Advance Tax is 30.3 percent.