Direct Tax Collections for F.Y. 2018-19 up to December 2018

The provisional figures of Direct Tax collections up to December, 2018 show that grosscollections are atRs. 8.74 lakh crorewhich is14.1%higher than the gross collections for the corresponding period of last year. Refunds amounting toRs.1.30 lakh crorehave been issued during April, 2018 to December, 2018, which is17.0%higher than refunds issued during the same period in the preceding year. Net collections (after adjusting for refunds) have increased by13.6%toRs. 7.43 lakh croreduring April - December, 2018. The net Direct Tax collections represent64.7%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 ofgrosscollections for CIT is14.8%while that for PIT (including STT) is17.2%. After adjustment of refunds, the net growth in CIT collections is16.0%and that in PIT collections is14.8%.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 years collections. An amount ofRs. 3.64 lakh crorehas been collected as Advance Tax, which is14.5%higher than the Advance Tax collections during the corresponding period of last year. The growth rate of Corporate Advance Tax is12.5%and that of PIT Advance Tax is23.8%.