Direct tax collection grows to 8.74 lac crore in 2018-19

In the recent press release issued by the Government, they have stated a whopping increase of 14.1% in the direct tax collection in the FY 2018-19, where the total collection amounted to Rs. 8.74 lakh crores!

A net of 1.30 lakh crores of refunds were issued which is 17% higher than that of last year.

An amount of Rs. 3.64 lakh crore has been collected as Advance Tax, which is 14.5% higher than the Advance Tax collections during the corresponding period of last year. The growth rate of Corporate Advance Tax is 12.5% and that of PIT Advance Tax is 23.8%.

The actual press release is as follows:

Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes

New Delhi, 7th January, 2019

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. 

Refunds amounting to Rs.1.30 lakh crore have been issued during April, 2018 to December, 2018, which is 17.0% higher than refunds issued during the same period in the preceding year. 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 F.Y. 2018-19 (Rs. 11.50 lakh crore). 

So far as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) is concerned, the growth rate of gross collections for CIT is 14.8% while that for PIT (including STT) is 17.2%. After adjustment of refunds, the net growth in CIT collections is 16.0% and that in PIT collections is 14.8%. It is pertinent to mention that collections of the corresponding period of F.Y. 2017-18 also included extraordinary collections under the Income Declaration Scheme (IDS), 2016 amounting to Rs.10,844 crore (Third and last instalment of IDS), which do not form part of the current year’s collections. 

An amount of Rs. 3.64 lakh crore has been collected as Advance Tax, which is 14.5% higher than the Advance Tax collections during the corresponding period of last year. The growth rate of Corporate Advance Tax is 12.5% and that of PIT Advance Tax is 23.8%.