Direct tax collection up 18% in Q1

The gross direct tax collection in the first quarter of 2004-05, at an estimated Rs 25,548 crore, has grown 18.5 per cent, against Rs 21,561 crore mopped up in April-June 2003.

According to finance ministry sources, refunds were 8 per cent lower during the period at Rs 11,460 crore, compared with Rs 12,508 crore in the first quarter of the last fiscal.

Net income-tax collections during April-June jumped 74 per cent to Rs 10,285 crore, compared with Rs 5,913 crore during the corresponding period last fiscal.

Net corporate tax collections, however, went up only 19 per cent to Rs 3,755 crore during the first quarter this fiscal, compared with Rs 3,159 crore in April-June 2003.

Of the Rs 11,460 crore refunds during the first three months this fiscal, corporate tax refunds took the lion's share, accounting for 82 per cent or Rs 9,402 crore. Income-tax refunds were only Rs 2,042 crore during April-June this year.