Direct tax collection rises by 13 percent

Gross collections from direct taxes, that include personal income tax, corporate taxes and wealth tax, rose by 13.18 percent to Rs.3,68,655 crore in April-November period of this year, government data showed Thursday.

According to the data released by the finance ministry here, gross collections from personal income tax jumped by 19.60 percent to Rs.1,39,763 crore in the first eight months of the current financial year as compared to Rs.1,16,862 crore in the corresponding period of last year.

Gross collections from corporate taxes rose to Rs.2,25,124 crore in the period under review as compared to Rs.2,05,291 crore recorded in the corresponding period last year, registering a year-on-year increase of 9.66 percent.

Sluggish economic growth has negatively impacted the collections from corporate taxes.

Net direct tax collection was recorded at Rs.3,10,317 crore in April-November period of current year as compared to Rs.2,70,771 crore in the same period last year, registering an increase of 14.60 percent.

The difference in gross and net collections is due to tax refunds.

Collections of Securities Transaction Tax (STT) increased by 4.73 percent to Rs.3,053 crore and wealth tax posted a growth of 13.38 percent to stand at Rs.712 crore during the period under review.