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Direct tax collections rise 7 percent

Source : IANS
Last Updated: Thu, Feb 07, 2013 05:20 hrs

New Delhi, Feb 6 (IANS) India's direct tax collections rose 7.02 percent to Rs.4.55 lakh crore in the first 10 months of the current financial year as compared to Rs.4,25 lakh crore in the corresponding period of previous year, official data showed Wednesday.

The gross collections of personal income tax increased 13.81 percent to Rs.1,57,913 crore in April-January period of 2012-13 as compared to Rs.1,38,746 crore in the corresponding period of 2011-12.

However, collections from corporate taxes have been sluggish.

The gross collections of corporate taxes increased 3.71 percent to Rs.2,96,451 crore in the period under review as compared to Rs.2,85,837 crore in the previous year, according to data released here by the finance ministry.

The collections from wealth tax increased 2.85 percent to Rs.685 crore, while mop-up from Securities Transaction Tax (STT) dropped by 9.99 percent to Rs.3,731 crore in the first 10 months of the current financial year.

The net collections from direct taxes increased 12.49 percent to Rs.3,90,310 crore during the period under review. The difference in net and gross tax collections was due to tax refunds.

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