Gross direct tax collection up 15 percent

The finance ministry Tuesday reported an increase of 15 percent in gross direct tax collection at Rs.346,144 crore during the first six 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.301,063 crore.

Gross collection of corporate taxes rose by 15.31 percent to Rs.222,616 crore, while the collection from personal income tax increased by 19.91 percent at Rs.57,582 crore.

Collection from wealth tax including securities transaction tax (STT) and wealth tax, was up by 14.37 percent and stood at Rs.1,23,528 crore.

The STT increased by 45.83 percent at Rs.3,223 crore. Net direct tax collections was up by 7.09 percent at Rs.268,836 crore in the period under review.

Advance tax collections grew by 15.28 percent during the first half of the year as against the growth of 7.66 percent shown at the same time the previous year.

Growth in tax deduction at source (TDS) was 9.47 percent from an increase of 14.22 percent in the same period last year.