During the first eight months of this fiscal, the income tax department issued Rs.1.23 trillion of refunds, which is 20.8% more than the amount refunded during the same period a year ago.
New Delhi: The income tax department has collected ₹ 6.75 trillion in direct taxes this year up to November, accounting for close to half of its full-year target of ₹ 11.5 trillion, an official statement said here. The April-November gross direct tax receipts show a 15.7% jump in revenue compared to the same time a year ago.
During the first eight months of this fiscal, the department issued ₹ 1.23 trillion of refunds, which is 20.8% more than the amount refunded during the same period a year ago. Net direct tax collections after refunds stood at ₹ 5.51 trillion, a 14.7% jump from the year-ago period.
The government is banking on strong direct tax collections and disinvestment proceeds to manage its budget as indirect tax revenue is a matter of concern owing to frequent tax rate cuts and the need to make up for lower than expected revenue collection by some state governments. The central government has a fiscal deficit target of 3.3% for FY19.
The tax department said gross corporate tax receipts showed a 17.7% rise and gross personal income tax receipts grew 18.3% in the April-November period this year from a year ago.