Gross direct tax collection at 6.51% in April-August period

SME News, Tuesday, Sep 11, 2012 15:57:06 PM IST

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NEW DELHI: The gross direct tax collection went up at 6.5 per cent during the April-August period, as compared to the annual target of 15 per cent.

During the period under consideration this fiscal, the gross direct tax collection also went up by 6.51 per cent to over Rs 1.64 lakh crore, from Rs 1.54 lakh crore in the corresponding period last year.

Corporate tax collection increased by just 0.15 per cent and stood at Rs 96,738 crore. In the April-August period last fiscal, the figure was Rs 96,597 crore.

However, personal Income Tax collection was also increased by 17.09 per cent at Rs 67,420 crore in the first five months of the fiscal. In the same period previous year it was at Rs 57,582 crore.

The growth in wealth tax was at 40.63 per cent and stood at Rs 225 crore, as against Rs 160 crore in like period last year.

The Securities Transaction Tax (STT) collection declined (-) 14.94 per cent at Rs 1,719 crore in the five month period, as compared to Rs 2,021 crore in the corresponding period last year.

The net direct tax collection was also increased by a healthy 28.15 per cent to nearly Rs 1.24 lakh crore against Rs 96,738 crore in the like period last year, mainly on the back of lower refunds.

In the April-June period of the current fiscal, country's industrial production growth rate declined by (-) 0.1 per cent compared to a growth rate of 6.9 per cent in the corresponding period of the last fiscal.

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