Direct tax collections between April 2010 and February 2011 increased 20.75 per cent to Rs 3,36,177 crore, against Rs 2,78,411 crore in the corresponding period of the previous financial year.
With this, net direct tax receipts have reached 75.4 per cent of the revised estimate of Rs 4,46,000 crore, despite much higher refunds at Rs 59,602 crore, against Rs 41,741 crore in the last year period — an increase of 43 per cent, the finance ministry said in a statement on Wednesday.
Corporate income tax collections grew 24 per cent to Rs 2,23,612 crore, up from Rs 1,80,318 crore in the first 11 months last year. Personal income tax (including securities transaction tax and residual fringe benefit tax/ banking cash transaction tax) increased by 14.8 per cent to Rs 1,12,114 crore, against Rs 97,692 crore last year. Growth in securities transaction tax mop-up was 1.7 per cent, taking the collections to Rs 6,078 crore, against Rs 5,975 crore in the same period of 2009-10.
The government had budgeted an overall tax mop-up of Rs 7,46,000 crore in the current financial year, which was later revised to Rs 7,86,000 crore in the Budget, tabled in Parliament last month. Of the total tax collection target, about Rs 4,46,000 crore is estimated to come from direct taxes.
To meet the target, the Income Tax Department will have to collect about Rs 1,00,000 crore in March. Last year, it mopped up a little over Rs 1,00,000 crore in the same month, whereas in the previous two years the collections in March were about Rs 80,000 crore.
For 2011-12, the finance ministry has made a budgetary estimate of Rs 9,32,440 crore from tax revenue. Of this, about Rs 5,32,000 crore is likely to come from direct tax receipts.