The finance ministry stated that the income tax department has collected Rs 6.75 lakh crore in gross direct tax, comprising personal income tax (PIT) and corporate income tax (CIT), during the April-November period of current fiscal year (FY19), which is 15.7% higher than the gross collections for the corresponding period of last year. Direct Tax collections grew mainly on account of income tax mop-up from individuals.
Refunds worth Rs 1.23 lakh crore have been issued in the eight months of the current fiscal, which is 20.8% higher than refunds issued in the same period last year. After adjusting for refunds, net collections have increased by 14.7% to Rs 5.51 lakh crore during April-November, 2018. The net direct tax collections represent 48% of the total budget estimates of direct taxes for financial year 2018-19 (Rs 11.50 lakh crore).
Gross collections in CIT and PIT grew 17.7% and 18.3%, respectively. After adjustment of refunds, the net growth in CIT collections is 18.4% and that in PIT collections is 16%. The finance ministry said collections of the corresponding period of last fiscal also included extraordinary collections under the Income Declaration Scheme (IDS), 2016, amounting to Rs 10,833 crore (third and last instalment of IDS), which do not form part of the current year’s collections.