Direct tax collection up 10.66% in Apr-Sept at Rs 3 lakh crore

Amid a slowing economy, the gross direct tax collections rose only 10.66 per cent to Rs 3.01 lakh crore during the April-September period of 2013-14 fiscal. The collections totalled Rs 2.72 lakh crore in the same period of 2012-13 fiscal. The government has fixed direct tax collection target of over Rs 6.68 lakh crore for the current fiscal, envisaging a growth of 19 per cent, as against Rs 5.65 lakh crore in 2012-13. Gross collection of corporate taxes increased 7.93 per cent to Rs 1,92,308 crore during April-September, from Rs 1,78,173 crore in the year-ago period, the Finance Ministry said in a statement today. Gross collection of personal income tax was up by 16.15 per cent to Rs 1,06,231 crore in the first six months of this fiscal, from Rs 91,463 crore in the year-ago period. Net direct tax collections rose 10.72 per cent to Rs 2,50,953 crore during April-September, as against Rs 2,26,653 crore in the year-ago period, according to the statement. Securities Transaction Tax or STT mop-up stands at Rs 2,210 crore. Wealth tax collection posted a growth of 5.27 per cent to Rs 499 crore, from Rs 474 crore.