Indicating that massive efforts are required to meet the budget target, the government has collected Rs 4.12 lakh crore from direct taxes, net of refunds, till December 20 of 2013-14, which is 13.7% growth over Rs 3.63 lakh crore in the corresponding period of 2012-13, the finance ministry said today.
The growth is, however, less than 18.07% pegged for the entire 2013-14 in the Budget. To achieve the Budget estimates, the government has to collect 26.02% more tax from these heads-- personal income tax, corporate tax, wealth tax and securities transaction tax-- in the remaining period of this financial year than Rs 2.02 lakh crore mopped up in the corresponding period of the previous financial year.
Tax collections had grown 13.18% till November of this financial year year-on-year and as such there is virtually same growth in December as well.
Of this, corporate tax collections are Rs. 2,60,752 crore as against Rs. 2,36,580 crore collected to date last year; showing a growth of 10.2%, a statement by the finance ministry said.
| 2011-12 | 2012-13 | 2013-14 |
| Rs 4.4 lakh crore (10.75% growth) | Rs 5.6 lakh crore (14.55% growth) | 4.1 lakh crore (13.1% growth) |
Source: Budget papers and the Finance Ministry
Personal income tax collections are Rs. 1,47,987 crore as against Rs. 1,22,818 crore collected , representing a 20.5% rise over the period.
Securities Transaction Tax (STT) and Wealth Tax yielded Rs 3,427 crore and Rs 752 crore, respectively till December 20 of 2013-14.
Advance taxes up to the December Quarter has been Rs 2,02,626 crore, which is a 8.8%% growth over the previous year's corresponding period collections. Advance tax collections from corporates have been Rs 1,76,935 crore, an increase of 8.4%. This is better than the growth rate of 7 % during the same period last year.
Advance tax collections under Personal Income tax head was Rs 25,686 crore, showing a rise of 11.9% upto this quarter.
Tax collections hold the key to rein in the Centre's fiscal deficit at 4.8% of GDP in 2013-14. Nearly one-third of this kitty will go to the states as part of the devolution. The Centre's fiscal deficit has already touched over 84% of the Budget Estimate till October for 2013-14.
