The government’s revenue collection during April- September period of fiscal year 2017-18 (H1FY19) has shown a steady growth. Finance Ministry said that gross direct tax collection in the first six months of the financial year grew 16.7% to Rs 5.47 lakh crore. Refunds amounting to Rs 1.03 lakh crore have been issued during April 2018 to September 2018, which is 30.4 per cent higher than refunds issued during the same period in the preceding year.
Net collections (after adjusting for refunds) have increased by 14% to Rs 4.44 lakh crore during April, 2018 to September, 2018. The net direct tax collections represent 38.6% of the total budget estimates of direct taxes at Rs 11.50 lakh crore for current fiscal. According to the data, gross corporate income tax (CIT) and personal income tax (PIT) collection grew 19.5% and 19.1%, respectively. After adjustment of refunds, the net growth in CIT collections is 18.7% and that in PIT collections is 14.9%.
Besides, the Central Board of Direct Taxes (CBDT) has collected Rs 2.10 lakh crore as advance tax, which is 18.7% 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%.