The slowdown in industrial growth has started impacting the Centre’s revenue mop-up exercise during the current fiscal, official data on direct tax collection released here on Monday has revealed.
As per the data, while the gross direct tax collection in April-June this fiscal went up by a paltry 6.77 per cent to Rs. 1.11 lakh crore from Rs.1.04 lakh crore in the same period a year ago, the more worrying factor was the growth in corporate tax mop-up which saw a meagre rise of 3.48 per cent during the quarter.
With industrial growth near flat at a mere 0.1 per cent in April this year and 10 of the 22 segments witnessing negative growth, gross revenue mop-up by way of corporate taxes stood pegged at Rs.70,594 crore during the April-June quarter this fiscal as compared to Rs.68,223 crore garnered in the same three-month period of 2011-12.
However, gross collection through personal income tax during the quarter saw a robust rise of 13 per cent at Rs.40,520 crore as compared to Rs35,858 crore garnered in the April-June period a year ago.
Better still, that the net direct tax collection during the quarter this fiscal was up by a healthy 47.16 per cent at Rs.84,273 crore against Rs.57,267 crore in the year-ago period, primarily on account of much lower refunds during the period.
Alongside, wealth tax collection was down by 3.03 per cent to Rs.32 crore during April-June this year as compared to Rs.33 crore mopped up in the same period last year.
Likewise, revenue collection by way of STT (Securities Transaction Tax) was 0.52 per cent lower at Rs.952 crore against Rs.957 crore in the same period last fiscal.