Net direct tax collections during April-January this fiscal saw a slower pace of growth at 12.49 per cent as against the budgeted annual target of 15 per cent, to stand pegged at Rs.3,90,310 crore, marginally higher than the Rs.3,46,959 crore garnered during the same period in 2011-12.
“Net direct tax collections stood at Rs.3,90,310 crore, up from Rs.3,46,959 crore in the same period last fiscal, registering a growth of 12.49 per cent,” the Finance Ministry said in a statement here on Wednesday.
Gross collection of direct taxes, which includes personal income tax, corporate tax, wealth tax and STT (Securities Transaction Tax), stood at over Rs.4.55 lakh crore during the 10-month period of 2012-13 as compared to a total mop-up of about Rs.4.25 lakh crore in the corresponding period in the previous year, marking an increase of slightly over 7 per cent.
As for personal income-tax, the total mop-up was up 13.81 per cent at about Rs.1.58 lakh crore while corporate tax fetched about Rs.2.96 per cent to mark an increase of 3.71 per cent as compared to a year ago.
While revenue receipts by way of wealth tax was up 2.85 per cent at Rs.685 crore, collections through Securities Transaction Tax (STT) slipped nearly 10 per cent to Rs.3,731 crore, reflecting slow pace of economic activity and subdued action on the bourses.