Gross direct tax collection jumps by 3.62% to Rs 52,232 cr in April-May period

NEW DELHI: The gross direct tax collection climbed by 3.62% to Rs 52,232 crore during the first two months (April-May) of the present fiscal.

The gross realisation from direct tax during the April-May period of 2011 stood at Rs 50,407 crore. The net direct tax collections rose at Rs 35,323 crore in the April-May of fiscal 2012-13 as compared to Rs 12,956 crore during the corresponding period of 2011, said Finance Ministry.

According to an official statement from FinMin, “This upward surge in net collections was due to declined in refunds by (-) 54.85 percent as compared to year ago period.”

The refunds was nearly Rs 16,900 crore during the April-May period, which is considerably lower as against the refunds allocated during the same period of last fiscal. The refunds had close to Rs 95,000 crore during 2011-12.

In the ongoing financial year, Centre has fixed a direct tax collection target worth Rs 5.7 lakh crore, which is nearly 15.2% more than the actual collection worth Rs 4.95 lakh crore during the previous fiscal.