Gross direct tax collection up 13 percent

The government Friday reported an increase of 12.93 percent in gross direct tax collection at Rs.546,661 crore during the first nine months of 2014-15 on the back of healthy growth in revenues from corporate taxes.

The gross direct tax collection in the corresponding period of last fiscal stood at Rs.484,063 crore.

Gross collection of corporate taxes rose by 12.79 percent to Rs.350,494 crore, while the collection from personal income tax increased by 12.62 percent at Rs.190,391 crore.

Collection from securities transaction tax (STT) was up by 43.44 percent and stood at Rs.4,940 crore.

Net direct tax collections were up by 7.41 percent and stood at Rs.448,401 crore from Rs.417,477 crore in the like period of last fiscal.

Advance tax collections grew by 13.15 percent during the period under review as against the growth of 8.76 percent shown during the corresponding period of last fiscal.

Growth in tax deduction at source (TDS) was 7.84 percent from an increase of 16.73 percent in like period of last fiscal.