Why in the news ?
- As per the official data from finance ministry, Gross direct tax collections in April-September, the first six months of this financial year, grew 16.7 per cent to Rs 5.47 lakh crore.
More in the news
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Refunds amounting to Rs 1.03 lakh crore have been issued during April-September.
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Refunds to this quarter (H1) are 30.4 per cent higher than the refunds issued during the same period in the previous financial year.
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Net collections (after adjusting for refunds) have increased by 14 per cent to Rs 4.44 lakh crore during April-September, 2018.
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The high rate of refunds has impacted the growth of net direct tax collections.
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Gross corporate income tax (CIT) and personal income tax (PIT) collection grew 19.5 per cent and 19.1 per cent.
Source
The Hindu.