The provisional figures of Direct Tax collections up to September, 2018 (Half-yearly figures) show that gross collections are at ₹ 5.47 lakh crore which is 16.7% higher than the gross collections for the corresponding period of last year. It is pertinent to mention that gross collections of the corresponding period of F.Y. 2017-18 also included extraordinary collections under the Income Declaration Scheme(IDS), 2016 amounting to ₹ 10,254 crore (Third and last instalment of IDS), which does not form part of the current year’s collection.

Refunds amounting to ₹ 1.03 lakh crore have been issued during April, 2018 to September, 2018, which is 30.4% higher than refunds issued during the same period in the preceding year. Net collections (after adjusting for refunds) have increased by 14% to ₹ 4.44 lakh crore during April, 2018 to September, 2018. The net Direct Tax collections represent 38.6% 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 of gross collections for CIT is 19.5% while that for PIT (including STT) is 19.1%. After adjustment of refunds, the net growth in CIT collections is 18.7% and that in PIT collections is 14.9%.

An amount of ₹ 2.10 lakh crore has been collected as Advance Tax, which is 18.7% higher than the Advance Tax collections during the corresponding period of last year. The growth rate of Corporate Advance Tax is 16.4% and that of PIT Advance Tax is 30.3%.

Direct tax collections show significant year on year growth, with net receipts rising despite higher refunds and strong advance tax performance. Direct tax receipts for the first half of 2018-19 rose year on year in gross and net terms despite higher refunds and absence of the prior year's one time Income Declaration Scheme inflow; net collections form a material portion of the annual budget estimate and growth was recorded across corporate and personal income tax heads along with increased advance tax receipts.