Gross direct tax collections in April-September, the first six months of this financial year, grew 16.7 per cent to Rs 5.47 lakh crore, the Finance Ministry said Thursday.
Refunds amounting to Rs 1.03 lakh crore have been issued during April-September, which are 30.4 per cent higher than the refunds issued during the same period in the previous financial year. Net collections (after adjusting for refunds) have increased by 14 per cent to Rs 4.44 lakh crore during April-September, 2018.
“The provisional figures of direct tax collections up to September 2018 show that gross collections are at Rs 5.47 lakh crore which is 16.7 per cent higher than the gross collections for the corresponding period of last year,” the ministry said in a statement.
The high rate of refunds has impacted the growth of net direct tax collections, which during April-September represent 38.6 per cent of the total budget estimate of direct taxes at Rs 11.50 lakh crore for current financial year.
Gross corporate income tax (CIT) and personal income tax (PIT) collection grew 19.5 per cent and 19.1 per cent.
After adjustment of refunds, the net growth in CIT collections is 18.7 per cent and that in PIT collections is 14.9 per cent, the ministry said.
The Central Board of Direct Taxes (CBDT) has collected Rs 2.10 lakh crore as advance tax, which is 18.7 per cent higher than the advance tax collections during the corresponding period of last year.
The growth rate of corporate advance tax is 16.4 per cent and that of PIT advance tax is 30.3 per cent, the ministry added.
The ministry pointed out that gross collections of the corresponding period of last fiscal (2017-18) also included “extraordinary collections” under last instalment of the Income Declaration Scheme (IDS), 2016, amounting to Rs 10,254 crore, which does not form part of the current year’s collection.