Insta
‘Good Times’ For Government Treasury As Tax Revenues Surge By 15.7 Per Cent To Rs 6.75 Lakh Crore
The Finance Ministry reported on Monday that gross direct tax collection has increased by 15.7 per cent to Rs 6.75 lakh crore for the period April to November 2019.
An amount of Rs 1.23 lakh crore has been refunded in the eight months of the current fiscal year, which is 20.8 per cent higher than the corresponding period last year, reports Business Line.
Net direct tax collections represent about 48 per cent of total budget estimates of direct taxes for the financial year 2018 to 2019 of Rs 11.5 lakh crore.
Gross tax collection in corporate income tax (CIT) increased by 17.7 per cent, and personal income tax (PIT) grew by 18.3 per cent. After the correction in refunds, CIT collection has grown by 18.4 per cent and PIT collection grew by 16 per cent.
In the last fiscal year, extraordinary collections under the Income Declaration Scheme (IDS) of 2016 were also included in direct tax collection which amounted to Rs 10,833 crore. It was the third and the last instalment of IDS, which does not take part in current year collections.
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