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GST: April-December Direct Tax Collections Rise 14%, Refunds Up 17% - GST Station

GST: April-December Direct Tax Collections Rise 14%, Refunds Up 17%

GST: April-December Direct Tax Collections Rise 14%, Refunds Up 17%

    The amount of refunds issued during the nine-month period rose 17 per cent to Rs. 1.30 lakh crore, according to the official statement.

    Direct tax collections during the first nine months of current financial year rose more than 14 per cent compared to the corresponding period last year. Gross direct tax collections stood at Rs. 8.74 lakh crore from April to December 2018, up 14.1 per cent year-on-year, the government said on Monday citing provisional data. The amount of refunds issued during the nine-month period rose 17 per cent to Rs. 1.30 lakh crore, the Ministry of Finance said in its statement.

    Net collections (after adjusting for refunds) increased 13.6 per cent to Rs. 7.43 lakh crore during April-December 2018, the government further said.

    Net direct tax collections represent 64.7 per cent of the total Budget Estimates of direct taxes of Rs. 11.50 lakh crore for financial year 2018-19, it noted.

    Advance tax worth Rs. 3.64 lakh crore was collected during this period, marking an increase of 14.5 per cent over the corresponding period a year ago.

    Corporate advance tax registered a growth of 12.5 per cent while personal income tax (PIT) advance tax grew 23.8 per cent.

    Source- NDTV.

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