Tax relief for Indian economy! Direct tax collections up 14% on year in April-September, refunds surge too
After the government exuded confidence that tax collection will beat estimates in the current fiscal year, the gross direct tax collection is up by 16.7% in the April-September period to Rs 5.47 lakh crore.
By: FE Online | Updated: October 4, 2018 12:38 PM
In what could provide a relief to the economy from a budget deficit, the net direct tax collection (after adjusting for refunds) is up by 14% in the April-September period to Rs 4.44 lakh crore. Interestingly, the gross direct tax collection (includes refunds) is up 16.7% to Rs 5.47 lakh crore. The tax refunds have also seen a surge of 30% on year.
After the government’s recent economic review meet chaired by PM Narendra Modi, finance minister Arun Jaitley had said that the centre is confident of exceeding its direct tax collection targets for the year. “The CBDT (Central Board of Direct Taxes) is very clear that this year they will be able to collect in excess of the budgeted target… We are confident that between direct and indirect tax collections, the government will comfortably meet the target if not surpass it,” Arun Jaitley had told reporters. Standby for more, as we bring to you key figures in a nutshell.
- Gross direct tax collections came in at Rs 5.47 lakh crore, up by 16.7% on year, while net direct tax collections is up 14% to Rs 4.44 lkah crore in the April-September period.
- Tax refunds came in at Rs 1.03 lakh crore, up by 30.4% on year.
- The net direct tax collections represent 38.6% of the total budget estimates of the direct taxes of Rs 11.5 lakh crore for 2018-19.
- Advance tax collection rose 18.7% to Rs 2.1 lakh crore in the April-September period.
- The gross corporate tax collections have risen by 19.5% on year. The gross personal income is up by 19.1% on year.
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