Direct tax collection up 12.33% in Apr-Dec at Rs 4.81 lakh cr

Government target for full fiscal year is Rs 6.68 lakh cr, up 19% from Rs 5.65 lakh cr in 2012-13

Amid a slowing economy, gross direct tax collections rose 12.33 per cent to Rs 4.81 lakh crore during the first nine months of this financial year.

Direct tax collections totalled Rs 4.29 lakh crore during the April-December period in 2012-13.

Net direct tax collections rose 12.53 per cent to Rs 4.15 lakh crore during the period this year, compared with Rs 3.69 lakh crore in the year-ago period, the Finance Ministry said in a statement today.

The government had set a direct tax collection target of over Rs 6.68 lakh crore for 2013-14, envisaging a growth of 19 per cent from Rs 5.65 lakh crore in 2012-13.

The gross collection of corporate taxes increased 9.35 per cent to Rs 3.1 lakh crore from Rs 2.84 lakh crore, the Finance Ministry said.

Gross collection of personal income tax was up 18.53 per cent to Rs 1.67 lakh crore in the first nine months from Rs 1.41 lakh crore.

Securities Transaction Tax mop-up stood at Rs 3,427 crore. Wealth tax collection posted a growth of 11.92 per cent to Rs 742 crore from Rs 663 crore.

Meanwhile, Finance Minister P Chidambaram today met chief commissioners handling both direct and indirect taxes to take stock of the revenue mop-up.