Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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Gross direct tax collections surged 15.7% to Rs. 6.75 lakh crore for April-November, the finance ministry said in a statement on Monday. 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. The provisional figures of direct tax collections up to November 2018 show that gross collections are at Rs. 6.75 lakh crore, which is 15.7% higher than the gross collections for the corresponding period of last year, the finance ministry said. 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 corporate income tax (CIT) and personal income tax (PIT) grew 17.7% and 18.3%, respectively. After adjustment of refunds, the net growth in CIT collections is 18.4% and 16% in PIT collections. 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.
