Direct tax mop ups miss target; at Rs 3,75,000 cr in FY10

Direct tax collections fell Rs 12,000 crore short of the Rs 3.87 lakh crore target last fiscal, largely owing to lower realisation from corporate tax payers.

The collection from corporate income tax and personal income tax, however, was 13.1 per cent up from the 2008-09 level, Finance Ministry sources said.

In the Budget for 2010-11, Finance Minister Pranab Mukherjee had pegged the revised estimate for direct taxes at Rs 3.87 lakh crore, up from Rs 3.70 lakh crore of the Budget estimate.

Out of the Rs 3.75 lakh crore, the government has mopped up Rs 2.44 lakh crore through corporate income tax, which is lower than the Rs 2.55 lakh crore target for 2009-10.
    
However, even this Rs 2.44 lakh crore represented a 15.4 per cent increase over figures of 2008-09.
    
In 2009-10, the government collected Rs 1.31 lakh crore through personal income tax, in line with the revised estimate of Budget.
    
The government had mopped up Rs 7,568 crore through securities transaction tax (STT) and Rs 498 crore through wealth tax.
    
The wealth tax has shown an increase of 29 per cent and STT of 40 per cent in the last fiscal compared to 2008-09.