Direct tax collection up 14 percent in April-August period

Gross direct tax collections increased 14.43 percent to Rs.1,88,193 crore in the first five months of the current financial year, government data showed Thursday.

Gross collection of personal income tax jumped by 18.91 percent to Rs.78,187 crore in April-August period of the current financial year as compared to Rs.65,752 crore recorded in the corresponding period last year, data released by the finance ministry showed.

Gross collection of corporate taxes increased by a sluggish 11.72 percent to Rs.1,08,075 crore during the period under review.

Net direct tax collections stood at Rs.1,43,138 crore in April-August period of 2013-14 as compared to Rs.1,24,019 crore recorded in the same period of last fiscal, showing an increase of 15.42 percent.

Differences in gross and net collections are due to tax refunds.

The collection of Securities Transaction Tax (STT) was recorded at Rs.1,649 crore. Wealth tax grew jumped by 24.44 percent to Rs.280 crore during the period under review.