Direct tax collections rise by 14.43 % in Apr-Aug

Despite the ongoing economic slowdown, gross direct tax collections went up by 14.43 per cent to Rs.1.88 lakh crore in the first five months of the current fiscal from the Rs.1.64 lakh crore mopped up during the same period of 2012-13. The rise, however, is still way below the direct tax collection target as the Centre has envisaged a growth rate of 19 per cent over the Rs.5.65 lakh crore garnered during the entire 2012-13 fiscal year to take its kitty to over Rs.6.68 lakh crore during 2013-14. Interestingly, net direct tax collections during the April-August period this fiscal rose at a faster pace of 15.42 per cent to Rs.1,43,138 crore as compared to Rs.1,24,019 crore mopped up in the same period a year ago. According to a Finance Ministry statement here, while corporate tax collections witnessed a growth of slightly over 11 per cent in line with the slowdown in industrial activity, the collection by way of personal income tax grew by a healthy 19 per cent. As per the official data, gross corporate tax collections increased by 11.72 per cent to Rs.1,08,075 crore during the five-month period of this fiscal from Rs.96,738 crore garnered during the same period last fiscal. On the other hand, gross collections by way of personal income tax went up by 18.91 per cent to Rs.78,187 crore from Rs.65,752 crore in the like period a year ago. Adding to the Centre’s kitty during the April-August period this fiscal by way of STT (Securities Transaction Tax) was Rs.1,649 crore while the mop-up through wealth tax was 24.44 per cent higher at Rs.280 crore against Rs.225 crore collected in the same period last fiscal.