Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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Direct tax mop-up grew 14.1% to Rs. 8.74 lakh crore during April-December 2018, the Finance Ministry said on Monday. Refunds amounting to Rs. 1.3 lakh crore have been issued from April to December, 2018, which is 17% higher than refunds issued in the year-earlier period. Advance tax As much as Rs. 3.64 lakh crore has been collected as advance tax, which is 14.5% higher than the advance tax collections during the same period last year.
“The provisional figures of direct tax collections up to December, 2018 show that gross collections are at Rs. 8.74 lakh crore which is 14.1% higher than the gross collections for the corresponding period of last year,” a Finance Ministry statement said. Net collections (after adjusting for refunds) have increased by 13.6% to Rs. 7.43 lakh crore during April-December, 2018. The net direct tax collections represent 64.7% of the total budget estimates of direct taxes for financial year 2018-19 (Rs. 11.50 lakh crore).
“Collections of the corresponding period of fiscal 2017-18 included extraordinary collections under the Income Declaration Scheme, 2016 amounting to Rs. 10,844 crore, which do not form part of the current year’s collections,” the Ministry added.
