Led by strong growth in personal income tax collections, gross direct tax collections increased by 8.01 per cent to Rs.4.28 lakh crore in the first nine months of the current fiscal from Rs.3.97 lakh crore in the same period in the previous year, according to a Finance Ministry statement.
Personal income tax collections grew at a healthy rate of 14.57 per cent as gross collections from this segment increased to Rs.1.44 lakh crore during the review period from Rs.1.26 lakh crore in the same period last year.
Gross collections of corporate taxes showed an increase of 4.94 per cent at Rs.2.83 lakh crore (Rs.2.70 lakh crore).
Growth in net collections of wealth tax was 1.55 per cent at Rs.656 crore (Rs.646 crore).
However, net Securities Transaction Tax (STT) collections declined by 12.46 per cent to Rs.3,294 crore (Rs.3,763 crore).
Despite slowdown in economic activities, the government had said it was confident of meeting the Rs.5.70 lakh crore direct tax collections target for the current fiscal.
Net direct tax
Net direct tax collections (gross minus refunds) were up by 13.7 per cent to Rs.3.68 lakh crore (Rs.3.24 lakh crore).
Faced with widening fiscal deficit, the government had earlier issued stern warning to tax evaders and had asked them to disclose their correct income and pay advance tax by due date or be prepared to face action.
The government had also warned evaders of excise, Customs and service tax to pay their dues or face penal action which could include arrest, prosecution and property attachment.
