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The income 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. Photo: Pradeep Gaur/Mint
The income 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. Photo: Pradeep Gaur/Mint

Direct tax receipts rise 15.7% in April-November

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.

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