The government is hopeful of a pick-up in economic activity during the second half of 2012-13
In a clear reflection of slack economic activity during the first-half of the current fiscal, a dismal show in corporate tax accretion pulled down the growth in gross direct tax collections to a mere 5.87 per cent at Rs.2.72 lakh-crore during April-September this year against Rs.2.57 lakh-crore mopped up during the same period a year ago.
According to a Finance Ministry statement here, gross corporate tax collections during the six-month period of 2012-13 went up by 1.60 per cent to Rs.1.78 lakh-crore from Rs.1.75 lakh-crore garnered during the like period last fiscal.
On the contrary, net direct tax collections showed a robust growth of 16.32 per cent at Rs.2.26 lakh-crore to mark a significant increase from Rs.1.95 lakh-crore , mainly owing to a lower outgo on refunds.
Personal income tax collection was 14.87 per cent higher at Rs.93,451 crore during the period under review against Rs.81,353 crore while wealth tax collection was up by a hefty 53.9 per cent at Rs.474 crore against Rs.308 crore.
Collection through Securities Transaction Tax (STT), however, fell by 17.03 per cent to Rs.2,076 crore from Rs.2,502 crore. The government is hopeful of a pick-up in economic activity during the second-half of 2012-13.