Direct tax collection goes up 8 percent

Last Updated: Fri, Jan 04, 2013 14:40 hrs

New Delhi, Jan 4 (IANS) Direct tax collections increased 8.01 percent to Rs.4,28,278 crore in the April-December period of this financial year, led by healthy growth in mop-up from personal income tax, government data showed Friday.

Personal income tax collection surged 14.57 percent to Rs.1,44,376 crore in the first three quarters as against Rs.1,26,012 crore recorded during the corresponding period of last fiscal.

However, the slowdown in the economy hit collections through corporate taxes.

Gross collections of corporate taxes increased 4.94 percent to Rs.2,83,170 crore during the period under review, according to data released by the finance ministry.

The government targets Rs.5.7 lakh crore from direct taxes in the current financial year. Direct taxes include personal income tax, corporate tax, wealth tax, and securities transaction tax.

Collections from wealth tax increased 1.55 percent to Rs.656 crore in April-December period.

However, collection from securities transaction tax dropped by 12.46 percent to Rs.3,294 crore.

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