Net collections jump owing to lower refunds
Even as there was just a marginal increase of 3.62 per cent in gross direct tax collections at Rs.52,232 crore in April-May this fiscal as compared to Rs.50,407 crore mopped up in the first two months of 2011-12, net accretion to the Centre's kitty witnessed a huge jump owing to lower refunds.
According to a Finance Ministry statement here on Wednesday, net direct tax collections were significantly higher by 172.64 per cent at Rs.35,323 crore during April-May this year against Rs.12,956 crore garnered during the same period a year ago.
“This upward surge in net collections was due to decline in refunds by (-) 54.85 per cent as compared to the year-ago period,” it said. Refunds during the two months of this fiscal totalled Rs.16,900 crore.
The statement also revealed that during the period, gross collection of personal income tax went up in value and percentage terms as compared to the previous year. While the gross mop-up of corporate taxes declined by 2.82 per cent in April-May 2012-13 to Rs.24,329 crore from Rs.25,035 crore , gross collection of personal income tax was up by 10.02 per cent at Rs.27,884 crore against Rs.25,344 crore.
Wealth tax saw a decline in collection by 16.67 per cent at Rs.15 crore against Rs.18 crore mopped up in the same period a year ago. Accretion by way of Securities Transaction Tax (STT), however, was pegged at Rs.540 crore, an increase of 7.36 per cent over the mop-up of Rs.503 crore in the two-month period last fiscal.
Keywords: direct tax collections