Business » Economy

Updated: December 5, 2013 23:31 IST

Direct tax collections up 13 per cent

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Gross collections from direct taxes, that include personal income tax, corporate taxes and wealth tax, rose by 13.18 per cent to Rs.3.69 lakh crore in the April-November period of this fiscal, government data showed on Thursday.

According to the data released by the Finance Ministry here, gross collections from personal income tax jumped by 19.60 per cent to Rs.1.40 lakh crore in the first eight months of the current financial year from Rs.1.17 lakh crore in the corresponding period of last year.

Gross collections from corporate taxes rose to Rs.2.25 lakh crore during the period under review from Rs.2.05 lakh crore recorded in the corresponding period last year, registering a year-on-year increase of 9.66 per cent.

Sluggish economic growth has negatively impacted the collections from corporate taxes.

Net direct tax collections were recorded at Rs.3.10 lakh crore in April-November period of current year as compared to Rs.2.71 lakh crore in the same period last year, registering an increase of 14.60 per cent.

The difference in gross and net collections is due to tax refunds.

Collection of Securities Transaction Tax (STT) increased by 4.73 per cent to Rs.3,053 crore, and wealth tax posted a growth of 13.38 per cent to stand at Rs.712 crore during the period under review. — IANS


Direct tax collection up 12.33 per cent January 6, 2014

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